- The IPO of
Tega Industries was subscribed 219 times on the first two days of the issue. - Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry.
- Tega intends to raise ₹600 crore from this public issue.
The company — which manufacturers consumables for the mining industries — did receive an overwhelming response from investors as its public issue was subscribed 219 times.
The portion reserved for qualified institutions was subscribed 215 times, whereas retail investors subscribed to their reserved portion by 29 times.
Tega intended to raise ₹600 crore from this public issue, which is entirely an offer for sale of 1.3 crore equity shares by promoters and existing shareholders. The price band for the public issue was set at ₹443 to ₹453. A lot of 33 shares was priced at ₹14,949 per lot.
The company’s grey market premium (GMP) was at ₹360 apiece in the grey market on December 6.
Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry like manufacturing of wear resistant lining components required for grinding, sizing and others.
It has a product portfolio of more than 55 mineral processing and material handling products. The company has six manufacturing sites, including three in India — Dahej in Gujarat, Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia.
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