Tega Industries IPO Receives Good Respone; Issue Fully Subscribed in An Hour

The initial public offer of Tega Industries Limited, manufacturer of consumables for the mining industry, was fully subscribed within the one hour of opening for subscription on Wednesday.

The Rs 619.22-crore IPO received bids for 1,01,82,315 shares against 95,68,636 shares on offer, translating into 1.06 times subscription, according to NSE data. The category for Retail Individual Investors (RIIs) received 2.10 times subscription while those meant for non-institutional investors got subscribed 7 per cent.

The initial public offer comprises up to 1,36,69,478 equity shares and has a price range of Rs 443-453 per share. Tega Industries on Tuesday said it has garnered Rs 186 crore from anchor investors.

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. Axis Capital and JM Financial are the managers of the offer. Shares of the company will be listed on both BSE and NSE.

(PTI)