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Tega Industries IPO opens on December 1, price band to be released soon

Tega Industries IPO | The IPO is entirely an offer for sale by promoters and investors. Hence, the company will not get any funds from the offer.

November 25, 2021 / 01:29 PM IST
Tega Industries IPO

Tega Industries IPO

Tega Industries, the second largest producer of polymer-based mill liners in terms of revenue, is set to launch its initial public offering of 1,36,69,478 equity shares for subscription on December 1. The offer will close on December 3. The company will disclose its IPO price band and lot size in the coming days.

The IPO is entirely an offer for sale by promoters and investors. Hence, the company will not get any fund from the offer.

Promoters Madan Mohan Mohanka and Manish Mohanka will sell 33,14,657 equity shares and 6,62,931 equity shares, respectively, through the offer for sale, and the remaining 96,91,890 equity shares will be offloaded by investor Wagner.

Tega Industries is a leading manufacturer and distributor of specialized 'critical to operate' and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry. Its product portfolio comprises more than 55 mineral processing and material handling products.

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The company started operations in 1978 in India, in collaboration with Skega AB, Sweden. Later, promoter Madan Mohan Mohanka acquired the entire equity stake of Skega AB in the company in 2001.

The company gets maximum business from abroad. It has six manufacturing sites, including three in India, at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia.

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Outside of the India business (including North America, South America, EMER (Europe, Middle East and Russia), Africa, and Asia Pacific) constituted 84.48 percent, and 86.42 percent of revenue in June 2021 quarter and FY21, respectively.

The company's end customers are mineral processing sites involved in gold and copper ore beneficiation, accounting for 34.92 percent and 27.25 percent, respectively, of its sale of products as an average of last three fiscals.

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Promoter and promoter group's shareholding in the company stood at 85.17 percent and investor Wagner held 14.54 percent shares in the company.

Axis Capital and JM Financial are the book running lead managers to the issue, while Link Intime India is the registrar to the offer.
Moneycontrol News
first published: Nov 25, 2021 01:29 pm
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