Tega Industries IPO Day 1: Issue oversubscribed by 4.67 times, led by strong demand from retail investors - Highlights

The initial public offer of Tega Industries saw massive interest from investors as the issue was subscribed 4.67 times on Day 1 till 5:00 pm on Wednesday. The offer received bids for 4,46,62,233 equity shares as compared to 95,68,636 equity shares offered. 

The retail investors quote queued most as the Retail Institution Investors subscribed 7.51 times, the 3,59,17,365 bids were made as compared to 47,84,318 equity shares offered. followed by Non-Institutional Investors quota has been subscribed 4.17 times and the qualified institutional investors' category was subscribed 0.07 times till 5 pm on the 1st day of subscription.

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3.50 pm: Subscription nears 400% as bids received for 3,72,54,657 shares against 95,68,636 stocks on offer so far. Retail investors booked the issue 6.83 times on Day 1 so far.  

3.15 pm: Overall subscription surges to 3.67%. Retail investors continue to push booking. RIIs booked the issue 6.47 times, while NIIs subscription stood at 1.98%

2.30 pm: Subscription stands 2.98 times. Retail portion booked 5.26 times, NIIs 1.63 times. 

1:55 pm: On Day 1, NIs quota was also fully subscribed, while overall subscription raced to nearly 3 times so far .

1:30 pm: NIIs portion nears full subscription as NIIs subscribed the issue 0.85 times so far. Retail portion booked 4.57 times, Overall subscription at 2.47 times 

12.40 pm: Overall subscription stands at 2.02 times. Retail portion subscribed nearly 4 times at 3.96 times subscription. NIIs portion booked 0.11 times 

12 PM: Retail portion continues to see good traction as Retail Individual Investors (RIIs) booked  the issue 3.21 times so far.

11: 35 am: Non Institutional Investors pitch in as the category saw 0.10 times subscription. Overall subscription 1.39 times, retail portion sees 2.74 times booking

11:15 am: Tega Industries IPO hass seen good response from investors as the issue was fully subscribed, while retail portion saw 2.31 times booking

The initial public offer (IPO) of Tega Industries was subscribed 0.56 times around 10.30 am on Day 1. The IPO received 53,98,107 bids already against 95,68,636 on offer on Wednesday.

The IPO saw massive interest from retail investors as the issue was fully subscribed minutes after the opening of the offer. The Retail Individual Investors (RIIs) subscribed to the issue 1.12 times with bidding of 53,35,077 as against 47,84,318 reserved shares for this category.

The three-day initial public offer (IPO) opened on December 1, 2021, and conclude on December 3. Tega Industries IPO has fixed a price band of Rs 443-453 a share for its Rs 619-crore initial share sale.  Investors can bid for a minimum of 33 equity shares and in multiples thereof.  

The IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder. As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.  

Currently, promoter and promoter group hold 85.17 per cent stake in the company and Wagner owns 14.54 per cent shareholding.  

 Tega Industries has reserved half of the issue size for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors.    

Tega Industries IPO full timeline    

Application start date: December 1, 2021    

Application end date: December 3, 2021    

Allotment beginning date: December 8, 2021    

Refund initiation date: December 9, 2021    

Allotment date: December 10, 2021    

Listing Date: December 13, 2021 

About Company

The Kolkata-based manufacturer of consumables for the mining industry will see the shares of the company listed on both BSE and NSE.  Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio.