The initial public offer (IPO) of Tega Industries received bids for 2,09,58,69,600 shares as against 95,68,636 shares on offer, according to stock exchange data at 17:00 IST on Friday (3 December 2021). The issue was subscribed 219.04 times.

The issue opened for bidding on 1 December 2021 and it will close today, 3 December 2021. The price band of the IPO is fixed at Rs 443-453. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

The offer comprises an offer for sale by selling shareholders of upto 1,36,69,478 equity shares. The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders. Promoter Madan Mohan Mohanka post-issue shareholding shall decrease to 8.1% from 13.07% while Manish Mohanka's shareholding shall decrease to 11% from 11.98%.

Ahead of the IPO, Teja Industries on Tuesday, 30 November 2021, finalized allocation of 41,00,842 equity shares to anchor investors at Rs 453 per share, aggregating to Rs 185.76 crore.

Tega Industries is a manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, the company is the second largest producer of polymer-based mill liners in terms of revenues as of June 30, 2021, in a near oligopolistic market structure. It is present across the value chain of a mineral processing site, providing a wide range of products and solutions for processing across different stages of mineral processing. The company's mineral processing and material handling products offering covers a wide range of solutions in the mining equipment, aggregates equipment and the mineral consumables industry.

The company reported a consolidated net profit of Rs 11.88 crore on a total income of Rs 173.21 crore in the quarter ended June 2021.