Tega Industries IPO: The IPO of Tega Industries, a company producing products for the mining industry, has received a tremendous response from investors. So far it has been subscribed up to 218.91 times on the last day of subscription i.e. Friday. According to the data with the exchanges till 4:18 pm, the IPO has received bids for 209 crore shares, while there were 95.68 lakh shares on offer.
The category of Non-Institutional Investors got subscription 666.19 times, Qualified Institutional Buyers (QIB) 215.45 times and Retail Individual Investors (RII) 29.20 times. The company has fixed a price band of Rs 443-453 per share for this IPO. Tega Industries’ initial public offer was fully subscribed within an hour of the IPO opening on Wednesday. Tega Industries on Tuesday raised Rs 186 crore from anchor investors.
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COMPLETELY OFS
This IPO is purely Offer for Sale (OFS). The sale of 1,36,69,478 equity shares has been done by the promoters and existing shareholders of the company under OFS. Promoter Madan Mohan Mohanka sold 33.14 lakh equity shares and Manish Mohanka sold 6.63 lakh equity shares under OFS. Apart from this, Wagner, a company associated with TA Associates, a US-based global private equity firm, sold its entire stake in this company. Wagner holds 96.92 lakh equity shares of the company. Wagner invested in Tega Industries in 2011. Presently, the promoter and promoter group hold 85.17 per cent stake in the company and Wagner holds 14.54 per cent.
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Know about the company
- Tega Industries, which provides services such as screening, mining and material handling to global mineral companies, started its business in 1978 in association with foreign company Skaga AB Sweden.
- Kolkata-based Tega Industries through its wide product portfolio provides comprehensive solutions to global clients in the mineral beneficiation, mining and bulk solids handling industries. It has six manufacturing facilities across the world.
- Talking about the revenue from the business of the company, it had a revenue of Rs 85 crore in FY 2020 and Rs 805.52 crore in FY 2021. The company had a profit of Rs 65.50 crore in FY 2020 and a total profit of Rs 136.40 crore in FY 2021.
- Axis Capital and JM Financial are the merchant bankers to the public issue. The shares of the company will be listed on both BSE and NSE.
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