Tega Industries IPO | Check share allotment & listing dates, latest grey market premium

Tega Industries IPO share allotment

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After garnering sixth largest subscription, investors are anxious to know their allotment status for Tega Industries IPO which is likely to get finalised next week. The offer was opened for bidding during December 1-3, 2021.

The public issue has seen a massive subscription of 219.04 times with support from all kind of investors, getting in bids for 209.58 crore equity shares against offer size of 95.68 lakh equity shares. The reserved portion of qualified institutional buyers saw the highest ever subscription of 215.45 times at least in a decade.

Non-institutional investors had put in bids 666.19 times the portion set aside for them, and retail investors bought shares 29.44 times their reserved portion.

The company mopped up Rs 619 crore through public issue that was entirely an offer for sale by selling shareholders. Hence the company will not get any money from the offer. The price band was Rs 443-453 per equity share.

How To Check Share Allotment Status?

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After the finalisation of basis of allotment, the share allotment can be checked either on the website of BSE or IPO registrar by December 8, 2021.

On the BSE website, one needs to follow these three easy steps:

a) Select issue type (Equity), and issue name (Tega Industries Limited),

b) Enter Application Number and PAN Number

c) And finally check box (I'm not a robot) and click on search button.

Alternatively, the allotment can also be checked on IPO registrar's website

a) Select Company Name (Tega Industries Limited - IPO)

b) Select and accordingly enter either PAN Number, or Application Number, or DP/Client ID, or Account Number / IFSC

c) And finally enter captcha and click on submit button

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After the end of share allotment process, the company will refund money to unsuccessful investors by December 9, and will credit shares in the demat accounts of eligible investors by December 10.

The company will make its debut with shares on the BSE and NSE on December 13.

Tega Industries shares are available at Rs 863-903 per share in the grey market, registering a massive 90.5-99.3 percent premium (Rs 410-450) over expected final issue price of Rs 453 per share, as per IPO Watch and IPO Central.

Ujjawal Kumar, Research Analyst at Green Portfolio highlighted five key reasons that justified the grey market premium. "The company makes specialized critical products with high barriers to replacement or substitution. Tega is insulated from mining capex cycles as its products cater to after-market spends, providing recurring revenues. The company has long standing relationship with marquee global customers supported by global manufacturing & sales capabilities. The company has consistently improved its ROCE (return on capital employed) and margin profile over the last couple of years."

Also read - Rakesh Jhunjhunwala-backed Metro Brands IPO opens on December 10, closes on December 14

Additionally the IPO is not expensive given the quality of the business, he said.

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. Globally, it is the second largest producers of polymer-based mill liners, on the basis of revenues as of June 30, 2021.

Also read - Shriram Properties IPO price band set at Rs 113-118 per share

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.