Tega Industries IPO fully subscribed within 1 hour; subscribed 4.67 times on day 1

The initial public offer of Tega Industries Limited, manufacturer of consumables for the mining industry, was fully subscribed within one hour of opening on Wednesday. It ended the day with 4.67 times subscription.

The Rs 619.22-crore IPO received bids for 4,46,62,233 shares against 95,68,636 shares on offer, translating into 4.67 times subscription, according to NSE data.

The category for Retail Individual Investors (RIIs) received 7.51 times subscription, while that meant for non-institutional investors got subscribed 4.17 times and Qualified Institutional Buyers (QIBs) 7 per cent.

The initial public offer comprises up to 1,36,69,478 equity shares and has a price range of Rs 443-453 per share.

Tega Industries on Tuesday said it has garnered Rs 186 crore from anchor investors.

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

Axis Capital and JM Financial are the managers of the offer.

Shares of the company will be listed on both BSE and NSE.