Tega Industries shares made a strong debut on Dalal Street on Monday with the stock listing at Rs 753 apiece on BSE, a premium of 66.2 percent over its issue price of Rs 453. On NSE, Tega Industries shares began their journey at Rs 760, a premium of 67.8 percent.

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The listing of Tega Industries shares was in line with the trend seen in the grey market. Ahead of the market debut on bourses BSE and NSE, Tega shares commanded a grey market premium (GMP) of Rs 300. Grey market is an unofficial market for unlisted securities.

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Kolkata-based Tega Industries is a specialty mining and metals company. It is a manufacturer and distributor of specialised critical-to-operate consumables. Tega's portfolio contains more than 55 products targeted at consumers across different stages of mining and mineral processing.

Tega Industries' IPO, which was open for bidding from December 1 to December 3, saw an overall subscription of 117 times, receiving bids for 112 crore shares against the 95 lakh shares on offer. Under the Tega Industries IPO, shares were available for bidding in the price band of Rs 443-453 apiece.

The portion reserved for retail investors was subscribed 25 times, and the categories of non-institutional investors and qualified institutional buyers booked 405 times and 62 times respectively.

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Tega’s listing comes days after ace investor Rakesh Jhunjhunwala-backed Star Health’s shares recovered initial losses after a weak debut.

Most IPOs in the recent past have received a robust response from investors.

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First Published:Dec 13, 2021 10:00 AM IST