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Tega Industries IPO subscribed 3.73 times on Day 1

The company plans to raise Rs619cr through the public issue at the upper end of the price band of Rs443-453 per share.

December 01, 2021 4:19 IST | India Infoline News Service
Initial Public Offer, IPO
Tega Industries, which offers solutions to marquee global clients in the mineral beneficiation, mining and bulk solids segments, its IPO has garnered bids for 3.56 crore equity shares against an issue size of 95.68 lakhs, subscribing 3.72 times on December 1, the first day of bidding.

Retail investors bought 6.59 times of their reserved portion and non-institutional investors portion booked 1.99 times. Qualified institutional investors have put in bids for 0.01 times of the reserved portion.

The company plans to raise Rs619cr through the public issue at the upper end of the price band of Rs443-453 per share.

The company informed the bourses that it has allocated 41,00,842 shares at Rs453 per share on Tuesday, November, 30th, 2021 to anchor investors.

Ashoka India Equity Investment Trust PLC, Goldman Sachs, Kotak Funds – India Midcap Fund, Kuber India Fund, Elara India Opportunities Fund, and BNP Paribas Arbitrage are among the investors that participated in the anchor book.

In addition, shares have been allocated to domestic funds SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, Mirae Assets Tax Saver Fund, Aditya Birla Sun Life Trustee Private Limited, Kotal Mutual Fund and Tata Mutual Fund are among the investors that participated in the anchor book.

Out of the total allocation of 41,00,842 equity shares to the anchor investors 25,77,661 equity shares were allocated to 8 mutual funds through 19 schemes amounting to Rs116.77cr i.e. 62.86% of the Total Anchor Book Size.

The company is a leading manufacturer and distributor of specialized ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry, on the basis of sales as of June 30, 2021.

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