Tega Industries IPO opens today: Check GMP, price band, valuation and more

Tega Industries, which manufactures and sells specialised 'essential to operate' and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industries, will launch a public offering on 1 December. Tega Industries' IPO (Initial Public Offering) will begin accepting subscriptions on December 1, 2021, and will close on December 3, 2021.

However, despite the stock market slump, the grey market has generated good signs ahead of the subscription opening date for the public issuance valued Rs 619.23 crore. Tega Industries' share price has been climbing in the grey market over the last two days, according to market observers, indicating a robust response from bidders.

The price range has been set at Rs 443-453 per share by the Kolkata-based firm. At the higher price band, the company expects to earn Rs 619.22 crore. The IPO consists solely of an offer-for-sale (OFS) of 1,36,69,478 equity shares to shareholders and promoters.

Tega Industries Limited IPO: All you need to know

• Tega Industries IPO date: December 1- December 3
• Price band: Rs 443-453 per equity share
• Tega Industries IPO size: Rs 610.22 crore IPOis completely an OFS
• Tega Industries IPO share allotment date:  Shares are expected to be distributed on December 8
• Tega Industries IPO listing date on BSE and NSE: The issue is expected to list on the BSE and NSE on December 13

QIBs (Qualified Institutional Buyers) will receive 50% of the IPO in the stock market, while NIIs (Non-Institutional Investors) would receive 15% and RIIs  (Retail Individual Investors) will receive 35%. Bids for a minimum of one lot (33 equity shares) and multiples thereof are accepted. The issue's merchant bankers are JM Financial and Axis Capital.

About Tega Industries Limited IPO

Tega Industries, based in Kolkata, is a leading manufacturer of specialised 'critical to operate' and recurring consumable products for the mineral beneficiation, mining, and bulk solids handling industries around the world. For mining and mineral processing, polyurethane, screening, grinding, and material handling, the firm offers a variety of specialised abrasions and wear-resistant rubber, steel, and ceramic-based lining components. 

As of June 30, 2021, it was the world's second-largest producer of polymer-based mill liners in terms of revenue. Its product line includes over 55 mineral processing and material handling products that address a wide range of needs in the mining, aggregates, and mineral consumables industries. In 1978, the company began operations in India in conjunction with Skega AB of Sweden. Later, in 2001, entrepreneur Madan Mohan Mohanka purchased the whole stock interest in Skega AB. The majority of the company's revenue comes from abroad. It has six manufacturing locations, including three in India, in Dahej, Gujarat, and Samali and Kalyani, West Bengal, as well as three in Chile, South Africa, and Australia.

Image: Twitter@Tega_Industries/Shutterstock