Tega Industries share made a bumper debut on D-Street on Monday.
On BSE, Tega Industries stock opened at Rs 753, a premium of 66 per cent over the higher end of its issue price of Rs 453. On NSE, Tega Industries share got listed at Rs 760, a 68 per cent premium over the issue price. The stellar response from the investors during the subscription, healthy company profile and business and high grey market premium indicated a mega listing for Tega Industries shares.
Tega Industries was the second largest producer of polymer-based mill liners on revenues basis in the country. Tega Industries initial public offering (IPO) opened for subscription during December 1-3. The price band was fixed at Rs 443-453 per share. Tega Industries IPO was entirely an offer-for-sale (OFS) of 1,36,69,478 equity shares by selling to shareholders and promoters. Hence, the company will not get any fund from the offer. The company aimed to garner Rs 619.22 crore at the upper price band from the maiden issue.
Tega Industries IPO: Third Highest IPO Subscription in 2021
Tega Industries IPO witnessed a strong demand from the investors. Tega Industries IPO was subscribed 219.04 times over the 95.68 lakh shares that were on offer during the subscription period, according to the data. It was the third highest subscription among the IPOs hit the market in 2021 after Latent View Analytics and Paras Defence & Space Technologies. Tega Industries IPO received bids of over 209.58 crore shares against the total issue size of over 95.68 lakh shares, NSE data showed.
The quota allocated for qualified institutional buyers was subscribed 215.45 times. The portion set aside for institutional investors saw a whopping subscription of 666.19 while that of retail individual investors (RIIs) was subscribed 29.44 times, the data showed.
Tega Industries Grey Market Premium
Tega Industries shares were available at Rs 753 in the grey market, 66.2 per cent or Rs 300 premium over issue price of Rs 453 per share, as per the IPO Watch and IPO Central. The massive increase in the Tega Industries’ grey market premium might be translated into a hefty 70-80 per cent premium on listing, experts mentioned.
Tega Industries offers comprehensive solutions to global clients in the mineral beneficiation, mining and bulk solids handling industry across different stages of mining and mineral processing, screening, grinding and material handling, including after-market spends on wear, spare parts, grinding media and power. Its product portfolio comprises more than 55 mineral processing and material handling products, that cover a wide range of solutions in the mining equipment, aggregates equipment and the mineral consumables industry.
Tega Industries Share: Listing Gains on Debut
Analysts expect a health listing for Tega Industries share on Monday. Tega Industries share may list at the price range of Rs 750 to Rs 800, up to 75 per cent gains on listing. Commenting on the listing gains, Abhay Doshi, founder at UnlistedArena.com said, “Tega Industries IPO got a very strong response to its issue inspite of a clash with cluster of IPOs. The issue was moderately priced which helped them capturing interest of investors. The listing may also be strong owing to the rush for subscription. I expect over 60-65 per cent gains on listing.”
Ravi Singhal, vice chairman at GCL Securities also expect a stellar listing for Tega Industries on Monday. “Shares of Tega Industries may have a bumper debut today at Dalal Street as it is expected to list around Rs 780 to Rs 800 levels, delivering listing gain up to 75 per cent to the allottees,” he added.
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