Tega Industries IPO Subscription Status Day 2: Issue booked nearly 13.87 times, NII quote subscribed over 20 times

The initial public offer (IPO) of Tega Industries was subscribed almost 14 times at around 05:00 pm on Day 2. The IPO received 13,26,78,876 bids against 95,68,636 share sale on offer on Thursday.

While the Non-Institutional Investors (NIIs) category queued most to subscribe for the share sale, as the portion has been subscribed more than 20 times on Day 2.

However, the retail investors continued to lead the bidding process in this Rs 619-crore IPO. The Retail Individual Investors (RIIs) category was booked 17.04 times around the same time. Against 47,84,318 shares on offers, retail investors bid for 8.15.41.152 shares at the start of the second day itself.  

Wealth management is the new theme 

Aayush Agrawal, senior analyst, Swastika Investmart Ltd, on Thursday said wealth management is the new theme and the rising awareness on this front could help the company in the longer run. "We believe wealth management is the new theme which will market like to bet on amid rising awareness about wealth management, thanks to technology.  IIFL wealth is trading at a PE of 22 therefore this IPO is fully priced. On the back of a positive outlook for the industry, we have a subscribe rating for this IPO for the medium to long term view while one can also apply for moderate listing gain, said Aayush Agrawal.  

Earlier, the three-day initial public offer (IPO) opened on December 1, 2021, and will 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.  

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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.  

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.