Tega Industries sets IPO price band at Rs 443-453 per share, to raise Rs 619.22 crore

Tega Industries IPO

Leading polymer-based mill liners producer Tega Industries on November 25 has fixed a price band at Rs 443-453 per share for its maiden public offer.

The issue will open on December 1 and will close on December 3, 2021.

The company is planning to mop up Rs 619.22 crore through its public issue, at upper price band.

The IPO is entirely an offer for sale (OFS) of 1,36,69,478 equity shares by selling shareholders including promoters.

Promoters Madan Mohan Mohanka and Manish Mohanka, and investor Wagner will offload their some shareholding through IPO. As a result, the company will not receive any money from its IPO and all the funds will go to selling shareholders.

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Investors can bid for a minimum of 33 equity shares and in multiples of 33 shares thereafter. Retail investors can make a minimum investment of Rs 14,949 per lot and their maximum investment would be Rs 1,94,337 for 13 lots.

Tega Industries is a leading manufacturer and distributor of specialised 'critical to operate' and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry.

It has product portfolio of more than 55 mineral processing and material handling products, backed by its six manufacturing sites, of which three in Dahej (Gujarat), Samali and Kalyani (West Bengal), and three sites in major mining hubs of Chile, South Africa and Australia.

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Its maximum business has been from the overseas markets including North America, South America, EMER (Europe, Middle East and Russia), Africa, and Asia Pacific) which contributed 86.42 percent to revenue in FY21.

Axis Capital and JM Financial are the book running lead managers to the issue.