ADVERTISEMENT

Tega Industries IPO Subscribed 4.67 Times On Day 1

Get the latest subscription updates from Tega Industries' IPO here.

<div class="paragraphs"><p>Tega DynaMax grinding mill. (Source: Company website)</p></div>
Tega DynaMax grinding mill. (Source: Company website)

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 value 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.

Opinion
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.

Watch BloombergQuint's IPO Adda with Tega Industries' Management: