Tega Industries Rs 619 crore share sale via initial public offering (IPO) opened for subscription on Wednesday, December 1. The company is selling shares in the price band of Rs 443-453 per share and the issue will end on December 3, 2021. Tega Industries IPO is an offer for sale wherein its promoters Madan Mohan Mohanka, Manish Mohanka And Wagner Limited are offloading their shares via IPO.
A retail investor can place bids for minimum one lot of 33 shares up to maximum of 13 lots. One lot of Tega Industries shares will cost Rs 14,949 at the upper price band.
Tega Industries is a manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.
The company has 18 global and 14 domestic sales offices located close to its key customers and mining sites. Tega Industries are further expanding their operations in major markets including North America, South America, Australia, and South Africa.
Tega Industries IPO was witnessing strong demand as the issue was fully subscribed within an hour of opening.
"The stock is being offered at reasonable valuations in the IPO and the company's performance over the last three years has been impressive," Manan Doshi of Unlisteed Arena told NDTV.
In the grey market, Tega Industries stock was quoting at a premium of Rs 375 per share according to market observers.
Axis Capital Limited and JM Financial Limited are the book running lead managers for the IPO wile Link Intime India Private Limited is the registrar to the issue.