Retail and non-institutional investors led bidding in the Rs 619-crore initial public offering of Tega Industries Ltd. The offer was fully subscribed within an hour of opening on Wednesday, led by retail demand.
The Kolkata-based mining equipment manufacturer has set a price band of Rs 443-453 apiece for the IPO—a pure offer for sale by promoters and existing arm of private equity firm TA Associates.
The maiden offer constitutes 20.6% of the post-issue equity of the company, with the promoters holding 79.2% after the share sale.
The company is seeking a market of Rs 3,003 crore at the upper end of the price band. The money raised from the IPO will not go to the company. The offer-for-sale proceeds will go to the promoter and investors offering shares in the issue.
Also Read: Tega Industries IPO: All You Need To Know
Subscription Details: Day 1
The IPO was subscribed 4.67 times as of 5 p.m. on Dec. 1.
Institutional investors: 0.07 times.
Non-institutional investors: 4.17 times.
Retail investors: 7.51 times.
Research Reports On Tega Industries IPO:
Watch BloombergQuint's IPO Adda with Tega Industries' Management:
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