Tega Industries IPO: Subscription to open from tomorrow; find all details here

One of the top mining companies in India, Tega Industries is all set to open for subscription this week. The three-day initial public offering (IPO) will open for subscription from 1 to 3 December. The IPO is expected to fetch around Rs 619 crore with a price band that has been set at Rs 443 to 453 per share. In the grey market today, the share price of Tega Industries has surged to Rs 310. The Kolkata-based company’s shares will be listed on the National Stock Exchange (NSE) and the BSE on 13 December. The IPO of Tega Industries is purely an offer for sale at 1,36,69,478 equity shares by promoters and an existing shareholder. Financial details on Tega Industries: Promoter Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares as part of the offer for sale. Through the offer for sale, Wagner, a partner of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares.   As per the shareholding pattern, promoter entities hold 85.17 percent stake in Tega Industries while Wagner has 14.54 percent.   Regarding promoters allocation, nearly half of the issue size has been kept for qualified institutional buyers (QIBs), 35 percent for retail investors and the rest 15 percent for non-institutional investors.   On the bidding limit, interested investors can bid for a minimum of 33 equity shares in multiples thereof. JM Financial and Axis Capital are the merchant bankers to the public issue. Company History Tega Industries is a Kolkata-based manufacturer of consumables concerning the mining industry. The company provides comprehensive solutions to the mining and bulk solids handling industry, marquee global clients in the mineral beneficiation via its wide product portfolio.   Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.