Tega Industries IPO was subscribed 219.04 times on the final day of issueTega Industriesinitial public offering (IPO) was subscribed 219.04times on the third and final day of its issue, according to subscription data on the stock exchanges.
The IPO of the Kolkata-based leading manufacturer opened on December 1, and closed today, 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 non-institutional investors wassubscribed 666.19 times-the highest among the three groups of investors.The portion set aside for qualified institutional buyers or QIB was subscribed 215.45 times, while the portion reserved forretail individual investorswassubscribed 29.44 times.Tega Industries hadfixed 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 couldmake a minimum investment of Rs 14,949 per lot and maximum investment wasRs 1,94,337 for 13 lots.
The companygarnered Rs 186 crore from anchor investors.Kolkata-based 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.Axis Capital and JM Financial are the lead managers to the offer.