Tega Industries IPO: The IPO of Tega Industries, which provides services to mineral mining companies globally, is about to come. Tega Industries has filed the Draft Red Herring Prospectus (DRHP) for Initial Public Offering (IPO) with market regulator SEBI. According to market sources, this IPO can be of Rs 700-750 crore. No new shares will be issued under this IPO. According to the information, this IPO will be an offer for sale (OFS). Under the issue, the promoters and shareholders of the company will sell 1.37 crore equity shares. The Kolkata-based company shares will be listed on BSE and NSE after the success of the IPO.
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According to the document filed with SEBI, the promoters of the company Madan Mohan Mohanka will sell around 33.14 lakh and Manish Mohanka 6.63 lakh equity shares through offer for sale. Apart from this, Wagner, a company associated with TA Associates, a global private equity firm based in the US, 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. Axis Capital and JM Financial are the merchant bankers for this IPO.
Tega Industries started business in 1978
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. The company has 55 mineral processing and material handling products in its product portfolio and now 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 the financial year 2020 and a total profit of Rs 136.40 crore in the financial year 2021.