Tega Industries IPO subscribed over 219 times on final day

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Tega Industries IPO subscription status: The initial public offering (IPO) of Tega Industries, which was launched on Wednesday was met with an overwhelming response by the investors as it got subscribed 219.04 times on the final day, according to the data available on the BSE.

The Rs 619 crore offer received bids for over 209.58 crore (2,09,58,69,600) shares against the total issue size of over 95.68 lakh (95,68,636) shares, the data showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 215.45 times, while those of non institutional investors was subscribed a whopping 666.19 times and that of retail individual investors (RIIs) was subscribed 29.44 times, the data showed.

Tega Industries IPO is purely an offer for sale (OFS) of 1,36,69,478 equity shares by promoters and an existing shareholder.

The IPO had opened for subscription on Wednesday, December 1, 2021, and concluded at 5 pm Friday, December 3, 2021. It had a price band of Rs 443-453 per share and before heading into the IPO, Tega Industries raised over Rs 185 crore (Rs 1,85,76,81,426) from 25 anchor investors in lieu of 41,00,842 equity shares at Rs 453 each.

Tega Industries is a Kolkata-based manufacturer of consumables for the mining industry. It offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio.

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Tega Industries is expected to take place on Wednesday, December 8, 2021, as per the information provided in the red herring prospectus.

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