Home Corporate Businesses Tega Industries stock makes stellar market debut, closes 60% premium to the issue price

Tega Industries stock makes stellar market debut, closes 60% premium to the issue price

by Prittle Prattle Bureau
Tega Industries stock makes stellar market debut, closes 60% premium to the issue price

Mumbai, December 13, 2021: Tega Industries Limited (the “Company”), which offers solutions to marquee global clients in the mineral beneficiation, mining and bulk solids segments, listed on the NSE at Rs 760, at 67.77% premium over its issue price. The scrip got listed at BSE at Rs 753 per share, a 66.23% per cent premium over its issue price of Rs 453.

The shares of the company at day end closed at Rs. 725.50 per share on BSE and at Rs 718 per share on NSE. The initial public offering was offered at a lower price band of Rs 443 per share and higher price band of Rs 453 per equity share.

As per BSE, the total quantity traded stood at 10.84 lakh shares with a delivery quantity percentage of 35.65%. Total Quantity traded at NSE stood at 166.46 lakh shares with a delivery quantity percentage of 36.65%. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1,314.75 crore.

Mr. Mehul Mohanka, Managing Director & Group CEO – Tega Industries Limited said “Sincere gratitude to all stakeholders and investors who have bestowed their faith in us. This is beginning of journey for us and we are committed to long term shareholder value accretion in long run through consistent performance growth”.

The Market Capitalization of the Company post today’s closing price stood at Rs. 4,809.57 crore as per BSE and Rs. 4,759.85 crore as per NSE.

The Initial Public Offering of the company was entirely an offer for sale with promoters and existing shareholders selling 1,36,69,478 equity shares and the issue was closed on 03rd December 2021. The portion reserved for retail investors was subscribed 29.44 times. While the Qualified Institutional Buyer category was subscribed 215.45 times, the Non-Institutional Investor category was subscribed 666.19 times. Overall the issue was subscribed 219.04 times.

Axis Capital Limited, and JM Financial Limited were the Book Running Lead Managers (“BRLM”) to the offer. 

Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry across different stages of mining and mineral processing, screening, grinding and material handling, including after-market spends on wear, spare parts, grinding media and power, which are regular operating expenses for customers.

This news was shared to Prittle Prattle News via press release.

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