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Tega Industries fixes IPO price band at Rs 443-453 per share; to raise Rs 619 cr

12:51 PM Nov 26, 2021 | Agencies

Tega Industries, manufacturer of consumables for the mining industry, on Friday said it has fixed a price band of Rs 443-453 a share for its Rs 619-crore initial share sale.

The three-day initial public offering (IPO) will open on December 1 and conclude on December 3, the company announced.

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The IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder.

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As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares.

In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.

Currently, promoter and promoter group hold 85.17 percent stake in the company and Wagner owns 14.54 percent shareholding. At the upper end of the price band, the initial public offering is expected to fetch Rs 619.22 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, and 35 percent for retail investors. Investors can bid for a minimum of 33 equity shares and in multiples thereof.

The Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry, through its wide product portfolio.

Axis Capital and JM Financial are the merchant bankers to the public issue. The shares of the company will be listed on both BSE and NSE.

(With inputs from PTI)

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