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Tega Industries IPO: Tega Industries decides the price band of IPO, the company will raise Rs 619 crore through offer for sale

Tega Industries IPO will be purely offer for sale

Tega Industries IPO: Tega Industries, which provides services to mineral mining companies globally, has fixed the price band of its IPO. The company has fixed a price band of Rs 443 to 453 for its first IPO. The issue will open on December 1 and close on December 3. The company will raise capital of Rs 619.22 crore through its IPO. The entire IPO will be Offer for Sale (OFS). Under this, existing shareholders and promoters will sell 1,36,69,478 equity shares.

So many shares will be sold under the offer for sale

Under the OFS, promoter Madan Mohan Mohanka will sell 33.14 lakh equity shares and Manish Mohanka 6.63 lakh equity shares. Apart from this, Wagner, a company associated with TA Associates, a US-based global private equity firm, will sell 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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What does the company do?

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 684.85 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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