The public issue of mining giant Tega Industries witnessed a subscription of 219.04 times on 3 December 2021, the IPO closing date. Against the reservation of 95,68,636 shares, the company managed to gain bids for 2,09,58,69,600 shares from various investor portions.
Tega Industries is the second-largest manufacturer of polymer-based mill liners and offers a wide product portfolio of material handling and mineral processing products. The company filed its draft red herring prospectus with SEBI in August 2021. According to the draft papers, the company’s IPO consisted of an OFS of 13,669,478 shares amounting to Rs. 619.23 crores. Further, the company decided to divest these shares at Rs. 443 – Rs. 453 per piece.
Go through the following sections to find out more about Tega Industries IPO performance regarding different portions of investors during day 3 of its public offer.
Day 3 Highlights of Tega Industries IPO: Final Verdict
Take a look at how Tega Industries IPO performed on the closing date across different segments of investors:
- The QIB segment (Qualified Institutional Buyers) put forth bids for 58,90,17,198 equity shares, where 27,33,896 shares were allocated to them.
- The NII segment (Non-institutional Investors) presented bids for 1,36,59,78,966 equity shares against the overall allocation of 20,50,422 shares.
- Retail Individual Investors (RIIs) put in bids for 14,08,73,436 equity shares out of an overall reservation of 47,84,318 shares.
Here is a tabular representation of how many times each investor portion put forth their bids for this IPO:
All in all, Tega Industries reserved 28.57% shares to the QIB segment. It also allocated 21.43% shares to NIIs and 50% equity shares to RIIs.
Tega Industries Anchor Investment – A Glimpse
The polymer-based mill liners manufacturer generated Rs. 185.76 crores from 25 anchor investors on 30 November 2021.
After a thorough consultation with its lead managers, the company came up to allocate 41,00,842 equity shares to anchor investors at Rs. 453 per share.
Key domestic participants in this anchor book included:
- SBI Mutual Fund
- HDFC Trustee Company
- ICICI Prudential
- Aditya Birla Sun Life Trustee
- Axis Mutual Fund
- Tata Mutual Fund
- Kotak Mutual Fund
Some of the marquee investors were:
- Goldman Sachs
- Kuber India Fund
- BNP Paribas Arbitrage
- Elara India Opportunities Fund
- Ashoka India Equity Investment Trust PLC
Entities like Axis Capital Limited and JM Financial Consultants Private Limited are the book running lead managers for this public issue. The company has also appointed Link Intime India Private Ltd. as its registrar.
Day 1 and Day 2 Highlights of Tega Industries IPO
The following table represents the performance of Tega Industries IPO during the initial two days of its entry into the primary market:
|Day of Bidding||QIB||NII||RII||Total|
|Day 1||0.07 times||4.17 times||7.51 times||4.67 times|
|Day 2||3.35 times||20.48 times||17.04 times||13.87 times|
This Kolkata-based manufacturer caters to the mining industry and features a global customer base backed by a robust marketing and sales team. The company’s operational efficiency and balanced market growth contribute hugely towards its recurring revenues.
Frequently Asked Questions
- When will Tega Industries IPO list on the bourses?
Tega Industries IPO will list on 13 December 2021.
- What is the face value of Tega Industries IPO?
The face value of this IPO is Rs. 10 per share.
- Where will Tega Industries IPO list?
This IPO will feature on both BSE and NSE.