Tega Industries initial public offering (IPO) was subscribed 219.04 times on the third and final day of its issue, according to subscription data on the stock exchanges. The IPO of the Kolkata-based leading manufacturer opened on December 1, and closed today, December 3 – remaining open for investors for a period of three days.
The company plans to raise Rs 619.22 crore at the upper price band. The IPO is entirely an offer-for-sale (OFS) of 1,36,69,478 equity shares by selling to shareholders and promoters.
On Wednesday, the portion reserved for non-institutional investors was subscribed 666.19 times – the highest among the three groups of investors. The portion set aside for qualified institutional buyers or QIB was subscribed 215.45 times, while the portion reserved for retail individual investors was subscribed 29.44 times.
Tega Industries had fixed the price band at Rs 443-453 per equity share for the IPO. Investors can bid for a minimum of 33 equity shares and in multiples of 33 shares thereafter. Retail individual investors could make a minimum investment of Rs 14,949 per lot and maximum investment was Rs 1,94,337 for 13 lots. The company garnered Rs 186 crore from anchor investors.
Kolkata-based Tega Industries offers a wide product portfolio of specialized abrasion and wear-resistant rubber, polyurethane, steel, and ceramic-based lining components used by customers across different stages of mining, mineral processing, and material handling. Axis Capital and JM Financial are the lead managers to the offer.