The shares of Tega Industries Ltd, manufacturer of consumables for the mining industry, on Monday listed with a premium of nearly 68 per cent against its issue price of Rs 453.
It debuted at Rs 753, reflecting a premium of 66.22 per cent from the issue price on BSE. It further zoomed 69.33 per cent to Rs 767.10.
On NSE, it listed at Rs 760, a gain of 67.77 per cent.
The initial public offer of Tega Industries received an overwhelming response from investors as it got subscribed a whopping 219.04 times on the last day of subscription on December 3.
The initial public offer had a price range of Rs 443-453 a share.
Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry through its wide product portfolio.
Meanwhile, this is what the grey market had suggested, as per the report In The Economic Times.
Aprajita Saxena, research analyst at Trustline Securities
The company has a leading position on account of good quality of business with low leverage, high cash in books, high margins and caters to marquee clients.
With a reasonable valuation and positive sentiments around this IPO, we can anticipate the listing around Rs 750, which will give a decent listing gain.
Abhay Doshi, co-founder of UnlistedArena
Tega Industries is poised for a strong listing but investors need to trim their expectations in the busy IPO season.
“Reasonable pricing made the issue attractive," the avid grey market tracker said. "But the premium has cooled off from highs following a market correction and multiple IPOs,” he added.
