Tega Industries meets its GMP of ₹300 and lists at 66% premium
- Shares of
Tega Industrieslist at ₹753 while the shares were allotted at ₹453 per share.
- The IPO received huge demand from investors as it was subscribed 219 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹4,991 crore.
AdvertisementShares of Tega Industries, a manufacturer of consumables for the mining industry, made a bumper listing on the National Stock Exchange (NSE) and BSE at 66% premium over the issue price of ₹453 apiece.
Post-listing, the market capitalisation of the company stood at ₹4991 crore, according to BSE data.
The shares of Tega Industries were trading at ₹736, higher by 62% at 10.03 a.m., on December 13.
The listing gain of ₹300 was exactly the same as the premium expected by the grey market led by huge oversubscription by investors.
The IPO was open between December 1 and December 3 and was oversubscribed 219 times by investors.
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.
Tega Industries’ profitability has grown more than four times in the last three financial years.
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