Tega Industries has fixed the price band at Rs 443-453 per equity share for the IPO.Tega Industriesinitial public offering (IPO) was subscribed 4.67 times on the first day of its issue, according to subscription data on the stock exchanges.
The IPO of the Kolkata-based leading manufacturer opened today, December 1, and will close on December 3 - remaining open for investors for a period of three days.The company plans to raiseRs 619.22 crore at the upper price band.
The IPO is entirely an offer-for-sale (OFS) of 1,36,69,478 equity shares by selling to shareholders and promoters.On Wednesday, the portion reserved for retail individual investorswassubscribed by 7.51times-the highest among the three groups of investors.
The portion set aside for qualified institutional buyers or QIB was subscribe 0.07 times, while the portion reserved for non-institutional investors wassubscribed 4.17 times.Tega Industries has fixed the price band at Rs 443-453 per equity share for the IPO.Investors can bid for a minimum of 33 equity shares and in multiples of 33 shares thereafter.
Retail individual investors can make a minimum investment of Rs 14,949 per lot and maximum investment would be Rs 1,94,337 for 13 lots.''There is a significant scope for new mining capacities and considerable opportunities for future discoveries of sub-surface deposits of metals in India.
India's mineral production of most of the important minerals is also showing positive growth during 2021.
Since Tega Industries deals in manufacturer of consumables concerning the mining industry, investors may include this IPO in their portfolio for long term gains,'' saidDr.
Ravi Singh, head of Research and vice president, share India.Tega Industriesoffers a wide product portfolio of specialized abrasion and wear-resistant rubber, polyurethane, steel, and ceramic-based lining components used bycustomers across different stages of mining,mineral processing, andmaterial handling.