Last day to subscribe to Tega Industries’ IPO — GMP at ₹410

• The IPO of Tega Industries was subscribed 13.8 times on the first two days of the issue.
• Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry.
• Retail investors can bid for a minimum of 33 shares with an investment of ₹14,949 a lot.

The initial public offering (IPO) of Tega Industries — a manufacturer of consumables for the mining industry — has been subscribed 13.8 times on the first two days of the issue and today, December 3, is the last day to subscribe.

The public issue reported a strong demand from non-institutional buyers, retail investors as well as qualified institutions.

Source: BSE

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.

The price band for the public issue has been set at ₹443 to ₹453. A lot of 33 shares would cost ₹14,949 per lot.

Tega is looking 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 company’s grey market premium (GMP) was at ₹410 apiece in the grey market on December 2, representing a hike of ₹100 from November 30.

The company will list on the stock market on December 13, 2021.


SEE ALSO

EXCLUSIVE: WhatsApp’s Grievance Officer in India quits within six months

Maruti cars to cost you more from January next year

Twitter suspended 34,000 accounts in October, while WhatsApp banned 2 million