Tega Industries IPO: Tega Industries, which is a leading producer of polymer-based mill liners, announced the price band of its initial public offer on Friday, November 26. The manufacturer of consumables for mining companies said that it has fixed a price band of Rs 443-453 for its IPO, the maiden public offer floated by it. The Tega Industries IPO will be the first such public offer in the last month of this year, that is December. Established in 1976, Tega Industries Limited is a leading manufacturer as well as distributors in specialised, critical, and recurring consumable products. Its products are used for mineral beneficiation, mining, and bulk solids handling industries all across the world.
Tega Industries IPO will open on December 1 and close on December 3, thereby being a three day process for investors. The entire issue will be an Offer For Sale, and there will be no fresh issue. A total of 1,36,69,478 equity shares will be sold during the offer by selling shareholders as well as existing promoters. The company seeks to raise up to Rs 619.22 though the offer. The issue will collide with the Rakesh Jhunjhunwala-backed Star Health IPO, which opens on November 30.
Promoters Madan Mohan Mohanka and Manish Mohanka, and investor Wagner will reportedly sell off part of their shares through the Tega Industreis IPO. According to reports, Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. As of now, the promoter and promoter group at the company hold 85.17 per cent stake there. Post issue, the promoter group will hold only 79.17 per cent share of the company. On the other hand, Wagner owns 14.54 per cent shareholding at the company. It will offload 96.92 lakh equity shares through the offer for sale of the IPO.
Since the offer does not have any face issue, the entire proceeds from the IPO will go to to the selling shareholders. Thus, the company will not receive any money from the issue.
Investors can bid for a minimum of 33 equity shares and in multiples of 33 shares thereafter. Retail investors can make a minimum investment of Rs 14,949 per lot. The maximum amount of investment would be Rs 1,94,337 for 13 lots at the upper price band. Half of the issue size has been reserved for Qualified Institutional Buyers, while 35 per cent of it is reserved for retail investors. The remaining 15 per cent of the shares is reserved for non institutional buyers, the company said.
The issue is likely to be listed on December 13 this year. Axis Capital and JM Financial are the book running lead managers to the issue.
Kolkata-based Tega Industries has a wide product portfolio of specialized abrasion and wear-resistant rubber, polyurethane, steel, and ceramic-based lining components used by their customers across different stages of mining and mineral processing, screening, grinding, and material handling. It has over 55 mineral processing and material handling products. There are six manufacturing units of the company across the world and in India. In India, the unites are located in Dahej (Gujarat), Samali and Kalyani (West Bengal). Globally, the units are located in major mining hubs of Chile, South Africa and Australia.
North America, South America, EMER (Europe, Middle East and Russia), Africa, and Asia Pacific) contributed 86.42 percent to revenue of Tega Industries in FY21. The company makes most of its sales in the global markets.
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