Tega Industries IPO Subscription Status Day 3: issue booked 219 times, NIIs portion sees 666x subscription - Highlights

The initial public offer of Tega Industries has been oversubscribed by over 219 times on the last day of offer on Friday till 05:00 pm. The IPO received bids for 2,09,58,69,600 equity shares as compared to 95,68,636 equity shares offered.

Almost all categories have been oversubscribed with Non-Institutional Investors queued most as the quota has been booked over 666 times, followed by Qualified Institutional Buyers (QIBs) subscribed over 215 times and retail investors have subscribed almost 30 times on the final day.

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4.10 pm: Tega Industries IPO was subscribed whooping 218.80 times, while NIIs portion saw 666.13 times subscription and retail investors bid for 28.98 times 

02:17 pm: The overall issue has been booked over 151 times, NII quota queued most for subscription by over 519.2 times, followed by OIBs 102.69 subscription. 

12:50 pm: The initial public offer (IPO) of Tega Industries was subscribed 39.85 times, while NIIs portion booked 113.34 times

12:20 PM: Issue subscribed 30 times. NIIs biggest contributors with 78.32 times subscription, retail quota booked 22.26 times 

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The initial public offer (IPO) of Tega Industries will close on Friday, December 3, 2021. The IPO that opened on December 1 has been subscribed nearly 17 times around 10.40 am.  The IPO received 15,89,36,745 bids against 95,68,636 share sale on offer.

The Non-Institutional Investors (NIIs) have been taking the lead as the category was subscribed over 27 times. Against 20,50,422 reserved, NIIs bid for 5,57,04,726 shares already
Retail investors subscribed the issue 19.28 times with bidding for 9,22,48,794 stocks against reserved quota of 47,84,318

Earlier on Thursday, the initial public offer 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. The NIIs category queued most to subscribe for the share sale, as the portion was subscribed more than 20 times on Day 2.

Tega Industries IPO 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

The company had 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.  

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.