Tega Industries subscribed 219 times, becomes 6th most subscribed IPO
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Just a day after Star Health and Allied Insurance failed to garner an adequate number of bids, Tega Industries’ initial public offering (IPO) ended with demand for shares exceeding those on offer by a whopping 219 times, indicating that the appetite for initial offers was intact.
Tega Industries received bids for 2.09 billion shares, as against the 9.6-million on offer, with those bids cumulatively worth nearly Rs 95,000 crore. Tega is now the sixth most subscribed IPO in India, and it has received the third highest subscription this year after Latent Views and Paras Defence, which garnered 339x and 304 x subscription, respectively.
The retail portion of the IPO was subscribed 29 times, the wealthy investor portion 666 times, and the institutional investor portion 216 times. The offering of Tega Industries, a manufacturer of consumables for the mining industry, was entirely an offer for sale. It had set the price band for the IPO at Rs 443-453 per share.
At the top end, the company is valued at about 22 times its financial year 2020-21 (FY21) earnings and will have a market capitalisation of Rs 3,000 crore.
The Kolkata-based company is the country’s leading producer of polymer-based mill liners.
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