Tega Industries' initial public offer (IPO) was subscribed nearly 14 times on Thursday, the second day of the bidding process. The IPO of Tega Industries, a Kolkata-based manufacturer of polymer-based mill liners, will close for subscription on Friday, December 3. The Tega Industries IPO is entirely an offer for sale (OFS) of shares by promoters and existing shareholders.

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At the end of the day, the IPO received bids for 13.3 crore shares as against the 95.7 lakh shares on offer, a subscription of 13.9 times. The category for non-institutional investors was subscribed 20.5 times, and that for retail investors 17 times. The quota reserved for qualified institutional buyers (QIBs) saw a subscription of 3.4 times.

Under the Tega Industries IPO, potential investors can bid for shares in a price band of Rs 443-453 in multiples of 33.

The company plans to mop up Rs 619 crore through the IPO.

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At the end of the first day of bidding, Tega Industries IPO received bids for 4.5 crore shares as against the 95.7 lakh shares on offer, a subscription of 4.7 times.

On Tuesday, Tega Industries garnered Rs 185.8 crore from 25 anchor investors ahead of its IPO.

Axis Capital and JM Financial are the book running lead managers.

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The allotment of shares is expected to be finalised by December 8, and the stock is likely to list on bourses BSE and NSE on December 13.

Tega Industries is a maker and distributor of specialised consumable products for the global mineral beneficiation, mining and bulk solid handling industry. The company has a portfolio of more than 55 products that are used by customers across different stages of mining and mineral processing, screening, grinding and material handling.

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First Published:Dec 2, 2021 1:21 PM IST