three days Initial Public Offering (IPO) Tega Industries Ltd., a manufacturer of consumables for the mining industry that opened on December 1, received an overwhelming response from investors as it received 219.04 times subscription in the last day of bidding that closed on December 3, 2021.
The share allotment of Tega Industries IPO has been finalized on Thursday. Meanwhile, the company plans to be listed on major stock exchanges BSE and NSE next week on Monday, December 13. As per market observers, Tega Industries shares are available at Premium (GMP). 310 in the gray market.
The initial share sale was up to 1,36,69,478 equity shares and had a price range of 443-453 per share. Tega Industries had acquired 186 crore from anchor investors before its IPO. Axis Capital Limited and JM Financial were the managers of the public issue.
Kolkata-based Tega Industries, through its wide product portfolio, provides comprehensive solutions to global clients in the mineral beneficiation, mining and bulk solids handling industry. The firm has six manufacturing sites, three in India, Dahej in Gujarat and Samali and Kalyani in West Bengal, and three in major mining centers in Chile, South Africa and Australia.
The company has become the third most subscribed public issue ever after this year’s two biggest IPOs, which are LatentView Analytics and Paras Defense & Space Tech, which were subscribed over 338 times and 304 times respectively .
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