Tega Industries IPO Subscribed 13.87 Times On Day 2
Retail investors piled in on the second day of the Rs 619-crore initial public offering of Tega Industries Ltd.
The offer was subscribed over 13 times on day two. It was fully subscribed within an hour of opening on Wednesday.
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 offer-for-sale proceeds will go to the promoter and investors offering shares in the issue, and not to the company.
Subscription Details: Day 2
The IPO was subscribed 13.87 times as of 5 p.m. on Dec. 2.
Institutional investors: 3.35 times.
Non-institutional investors: 20.48 times.
Retail investors: 17.04 times.