Tega Industries shares make blockbuster debut on stock market; check details here - Firstpost
The second-largest producer of polymer-based mill liners, Tega Industries' Rs 619-crore public issue was subscribed 219.04 times from 1 to 3 December
Representational image. News18
Tega Industries listed its shares on the stock market today, 13 December, making a strong debut with a massive 67.77 percent premium on its listing. On the Bombay Stock Exchange (BSE), the opening price was Rs 753 against an issue price of Rs 453 per share, while on the National Stock Exchange (NSE), it was Rs 760.
Currently, the shares are priced at Rs 734.40 on the BSE, with a rise of 62.12 percent against the opening price. On the NSE, the shares are presently valued at Rs 738.00 apiece.
Meanwhile, the listing was on expected lines, as it showed strong IPO subscription, good return ratios, high repeat business and better financial growth in the market. The second-largest producer of polymer-based mill liners, Tega Industries' Rs 619-crore public issue was subscribed 219.04 times from 1 to 3 December. Qualified institutional buyers (QIBs) had put in bids 215.45 times subscription on the portion reserved for them.
Meanwhile, the reserved portion of non-institutional investors was subscribed 666.19 times. However, the retail investors portion saw 29.44 times subscription. Looking into the public issue of the company, it was entirely an offer-for-sale (OFS) by the selling shareholders.
On its debut itself, most of the analysts have given ‘subscribe’ rating to the public issue of company, citing strong fundamentals, lower competition, business growth prospects and niche operating segment.
The OFS of Tega Industries saw promoter Madan Mohan Mohanka offloading up to 33.14 lakh equity shares. Manish Mohanka also divested 6.63 lakh equity shares as part of the OFS. About 96.92 lakh equity shares were also offloaded by Wagner, a partner of the US-based private equity firm TA Associates, through the IPO of Tega Industries.
Company History: This is one of the leading manufacturers and distributors of specialized and recurring consumable products that cater to global mineral beneficiation, mining, and bulk solids handling industry. Tega Industries which was established in the 1976, is currently the second largest producers of polymer-based mill liners in the world.
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