Shares of Tega Industries listed at a premium of 67% to the issue price today, marking a stellar listing for the mining industry player. The firm made its debut at Rs 760 per share (up 67.77 per cent) on the NSE against the IPO issue price of Rs 453. Market cap of the firm rose to Rs 5,038 crore. Total 14.36 lakh shares of the firm changed hands amounting to a turnover of Rs 109 crore on the NSE.
On BSE, the stock listed at Rs 753, 66.22% higher to the IPO price. Market cap of the firm rose to Rs 4,991 crore. Total 1.13 lakh shares of the firm changed hands amounting to a turnover of Rs 8.48 crore on the BSE.
The IPO was held from December 1 to December 3. It received a stellar response with the share sale subscribed 219.04 times on the last day.
The share sale received bids for 209.58 crore equity shares against an offer size of 95.68 lakh shares. The portion for qualified institutional buyers saw the highest ever subscription of 215.45 times at least in a decade. Non-institutional investors placed bids for 666.19 times the portion set aside for them.
Retail investors submitted bids for 29.44 times their reserved portion. Shares were available in a price band of Rs 443 to Rs 453. The company collected Rs 619 crore from the public issue that was entirely an offer-for-sale. Hence, the company will not get any money from the offer.
On November 30, the manufacturer of consumables for the mining industry raised Rs 186 crore from anchor investors. 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 were among the anchor investors.
The initial public offering (IPO) was 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.
The lot size of the IPO was 33 shares for which one would have to spend Rs 14,949. A retail-individual investor could apply for up to 13 lots or 429 shares by spending Rs 1,94,337.
The objective of the offer was to achieve the benefits of listing the equity shares on the stock exchanges.
Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio.
