Updated: December 1, 2021 11:35:16 am
Tega Industries IPO: The initial public offering (IPO) of Tega Industries opened for subscription today, December 1, 2021, at a price band of Rs 443-453 per share. The offer will be available till Friday, December 3, 2021.
The Kolkata-based company is a manufacturer of consumables for the mining industry. Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio.
Through the offer, Tega Industries aims to raise Rs Rs 619.22 crore. The IPO is purely an offer for sale (OFS) of 1,36,69,478 equity shares by promoters and an existing shareholder.
As a part of the OFS, promoters Madan Mohan Mohanka and Manish Mohanka will offload 33.14 lakh and 6.63 lakh equity shares, respectively. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares.
At present, promoter and promoter group hold 85.17 per cent stake in the company and Wagner owns 14.54 percent shareholding.
Tega Industries IPO has half of the issue reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 35 per cent for retail investors.
Investors who wish to subscribe to Tega Industries IPO can bid in a lot of 33 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,949 to get a single lot of Tega Industries. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).
The applicants also must note that the cut-off time for UPI mandate confirmation is Monday, December 6, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.
Axis Capital and JM Financial are the book running lead managers to the offer while Link Intime India is the registrar of the issue.
Before heading into the IPO, Tega Industries raised over Rs 185 crore (Rs 1,85,76,81,426) from 25 anchor investors in lieu of 41,00,842 equity shares at Rs 453 each, data from the stock exchanges showed.
The anchor investors include the likes of BNP Paribas Arbitrage, Goldman Sachs Funds, Ashoka India Equity Investment Trust Plc, Kuber India Fund, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Axis MF, Tata MF and Aditya Birla Sun Life MF among others.
The share allotment is likely to take place on December 8, 2021, and the shares are expected to be listed on December 13, 2021, according to the timeline given in the red herring prospectus (RHP).
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