Tega Industries IPO: Opens tomorrow; find key details that investors must know before investing

Leading polymer-based mill liners producer Tega Industries Limited initial public offering (IPO) will be open for public subscription on Wednesday, December 1, 2021. The issue will close on Friday, December 3, 2021.

The price band for the initial public offering worth Rs 619.23 crore has been fixed at Rs 443-453 per equity share. Retail investors can place a bid for a lot of 33 equity shares and in multiples thereof for a maximum of 13 lots. Retail investors can invest a minimum of Rs 14,949 for a single lot, and their maximum investment would be Rs 1,94,337 for 13 lots.

The public offer is an offer for sale (OFS) of 1,36,69,478 equity shares by the promoters and an existing shareholder. As a part of the OFS, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition to this, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the OFS.

The company will not receive any proceeds from the Offer and all such proceeds will go to the Selling Shareholders.

Issue Timeline

Bidding Period for the IPO: December 1-3, 2021.

Allotment: December 8, 2021.

Initiation of Refunds: December 9, 2021.

Credit of Shares to Demat Account: December 10, 2021.

IPO Listing: December 13, 2021.

Axis Capital Limited and JM Financial Limited are the book running lead managers for the issue while Link Intime India Private Limited is the registrar for the purpose.

Shares of Tega Industries will be listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and the shares are likely to be listed on December 13, 2021.

Tega Industries, established in 1976, 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, on the basis of sales as of June 30, 2021 (Source: F&S Report). Globally, the Kolkata-based company is the second-largest producer of polymer-based mill liners, on the basis of revenues as of June 30, 2021 (Source: F&S Report). It offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through our wide product portfolio.

Madan Mohan Mohanka, Manju Mohanka, Manish Mohanka, Mehul Mohanka and Nihal Fiscal Services Private Limited are the company promoters.

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