Tega Industries, which provides solutions to renowned global customers in mineral enrichment, mining and bulk solids segments, raised Rs 185.77 crore from key investors ahead of sale initial share which opened for public subscription on Wednesday. The company informed the stock exchanges that it had awarded 41,00,842 shares at Rs. 453 per share on Tuesday, November 30, 2021 to anchor investors.
Ashoka India Equity Investment Trust PLC, Goldman Sachs, Kotak Funds – India Midcap Fund, Kuber India Fund, Elara India Opportunities Fund and BNP Paribas Arbitrage are among the investors who participated in the anchor portfolio.
In addition, shares were allocated to domestic funds SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, Mirae Assets Tax Saver Fund, Aditya Birla Sun Life Trustee Private Limited, Kotal Mutual Fund and Tata Mutual Fund. are among the investors who participated in the anchor book.
Out of the total allocation of 41,00,842 shares to main investors, 25,777,661 shares were allocated to 8 mutual funds through 19 schemes amounting to Rs 116.77 crore, or 62.86% of the total size of the anchor book.
The Company is a leading manufacturer and distributor of ‘mission critical’ and recurring specialty consumables for the global mineral enrichment, mining and bulk solids handling industry on the market. basis of sales as of June 30, 2021.
Globally, based on revenue, Tega Industries is the second largest producer of polymer-based factory coatings as of June 30, 2021.
Its product portfolio includes more than 55 mineral processing and material handling products, which cover a wide range of solutions in the mining equipment, aggregate equipment and mineral consumables industry.
Axis Capital Limited and JM Financial Limited are the Book Running Lead Managers (“BRLM”) of the offering.
IPO details
The IPO is entirely an offer to sell a maximum of 1,3669,478 equity shares (“sale offer”) by the selling shareholders, up to 33 14,657 equity shares by Madan Mohan Mohanka , up to 6 62,931 equity shares by Manish Mohanka (with Madan Mohan Mohanka) (the “promoter selling shareholders”) and up to 96 91 890 by Wagner Limited, (investor selling shareholders). The Company will not receive any proceeds from the Offer.
The Company proposes to open its initial public offering of equity shares (the “Offer”) on Wednesday December 01, 2021 and will close on Friday December 03, 2021. The price range of the Offer has been determined at Rs 443 – Rs 453 per share.
The IPO will hit Rs 619 crore at the high end of the price range.
Investors can bid on a minimum of 33 shares and in multiples of 33 shares thereafter.
The Offer is being made in accordance with Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read together with Rule 31 of the SEBI ICDR Regulations.
The offer is made through the book creation process, in accordance with Regulation 6 (1) of the SEBI ICDR Regulations, in which no more than 50% of the offer will be available for allocation to qualified institutional buyers, not less 15% of the Offer will be available for allocation to Non-Institutional Investors and not less than 35% of the Offer will be available for allocation to Individual Investors.
