New Delhi: Shares of Tega Industries made a stellar debut at the exchanges on Monday. The stock got listed at Rs 760, a 67.77 per cent premium over its issue price of Rs 453.
The Rs 619 crore share sale via initial public offering (IPO) opened for subscription between December 1 and 3 with a price band of Rs 443-453 per share.
The IPO witnessed a strong demand as the issue was fully subscribed within an hour of opening.
Tega Industries is a manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry.
Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.
The company's promoters Madan Mohan Mohanka, Manish Mohanka And Wagner Ltd offloaded their shares via the public offer.
Tega Industries had garnered Rs 186 crore from anchor investors ahead of its IPO. Axis Capital Limited and JM Financial were the managers of the public issue.
Axis Capital Limited and JM Financial Limited are the book running lead managers for the IPO; while Link Intime India Private Limited is the registrar to the issue.
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