Tega Industries' public issue will open for subscription on Wednesday, December 1, and close on Friday, December 3. Ahead of the launch of IPO, its grey market premium rose to Rs 310, hinting at a strong listing.
The company is aiming to raise over Rs 600 crore by purely an offer for sale. Its promoters will offload over 1,36,69,478 shares. The price band of the shares has been fixed at Rs 443-453 a share.
Grey market is the unofficial market for trading shares of the companies that have announced IPOs and will be listed shortly on the bourses. Grey market data, according to IPOWatch, is suggesting the shares will list at Rs 310 above the upper end of the price range, i.e., Rs 453. This is a near 70 percent upside over the issue price.
Kolkata-based Tega Industries is a manufacturer of consumables for the mining industry. While promoters hold an 85.17 percent stake in the company, US-based Wagner commands a 14.54 percent stake.
The company manufactures critical to operating and recurring products for the global mining industry. It is the second-largest producer of polymer-based mill liners, with a portfolio comprising over 55 mineral processing and material handling products. Its manufacturing units are located across the globe in India, Chile, Australia, and South Africa.
In the financial year 2021, the company posted revenues worth Rs 856.68 crore, clocking a growth of over 23 percent over a year. It also posted a 108 percent rise in net profits for the same FY at Rs 32.67 crore. For the first quarter ended FY22, the company clocked a net profit worth Rs 11.88 crore on a turnover of nearly 180 crores.
The company aims to avail of the benefits of listing the equity shares on the stock exchanges. Its share allotment is expected to be finalised by December 8 and listing to be finalised by December 13.
(Edited by : Ajay Vaishnav)
First Published: Nov 30, 2021 5:08 PM IST
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