The initial public offering of Tega Industries has been subscribed 117 times on December 3, the second day of bidding. The offer has received bids for 112 crore equity shares against the IPO size of 95 lakh equity shares.

Share Market Live

NSE

Retail investors subscribed 25 times to the IPO, and non-institutional subscribers put in bids 405 times against their reserved portion. Qualified institutional buyers subscribed 62 times their reserved portion.

On the first day of bidding, the IPO was oversubscribed nearly 5 times, with the company receiving bids for 4.5 crore shares. On the second day, it was oversubscribed 14 times, with the retail portion oversubscribed by 17 times.

The company is a leading manufacturer and distributor of specialised critical-to-operate consumables. It serves global mineral beneficiation, bulk solid handling, and the mining industry. Its portfolio contains over 55 products, used by consumers across different stages of mining and mineral processing.

The price band for the offer, which closes on December 3 is Rs 443-453 apiece. Brokerages have recommended subscribing to the IPO as the company's growth prospects appeared optimistic.

The allotment of shares of the company is expected to be finalised by December 8. Subsequently, the shares will debut on bourses (both BSE and NSE) on December 13. Its shares are commanding a premium of Rs 410 on the grey market, according to IPO Watch.

(As per subscription data available on exchanges till 14:00 pm)

Track our stock market blog for LIVE updates

(Edited by : Yashi Gupta)