Tega Industries IPO attracts largest QIB subscription in past decade, number subscribed 219 times
The initial public offering of Tega Industries Limited (the âCompanyâ) saw the highest number of qualified institutional buyers (QIB) subscriptions in a decade. On the last day of subscription, the QIB portion was subscribed 215.45 * times. In total, the program was oversubscribed 219.04 times.
The QIB portion of HDFC Asset Management Company has been underwritten 192.26 times, followed by Indigo Paints 189.57 times, Tatva Chintan 185.23 times and Ms. Bectors Food Specialties 176.85 times.
A robust offering from the QIB category indicates that silver is waiting on the sidelines of quality IPOs, as interest in larger markets seemed less. Brokerage firms are of the view that QIB’s interest is higher for new types of businesses where there are few or no listed companies in that space.
The offer received offers for 2,09 58 69,600 shares against the 95 68,636 shares offered, according to 5:00 pm data available on the stock exchanges.
Individual investors had wagered 29.44 times the shares reserved for them, while the portion reserved for non-institutional investors was subscribed 666.19 times.
The main offer was entirely an offer to sell (OFS) of shares with a par value of Rs 10 each, in which its existing shareholders and promoters were to dispose of 1,3669,478 shares in the range of 443 to 453. Rs each.
On Tuesday, Tega Industries raised Rs 186 crore from 14 main investors, who were awarded 41,00,842 shares in the upper price range of Rs 453 per share.
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.
Axis Capital Limited and JM Financial Limited are the Book Running Lead Managers (âBRLMâ) of the offering.
Brokerages like ICICI Direct, Marwadi Share Finance, Choice Equity, Angel Broking, etc.
The demand for mulcher liners is repeated in nature largely due to the wear and tear of mulcher liners. Copper and gold together accounted for 75% of the mill liners market share in 2020, followed by iron ore and others (cement and aggregates) with 25%. The global grinding mill liners market was estimated at $ 1.73 billion in 2020. The demand for grinding mill liners is higher as a replacement compared to a newly installed grinding machine with mill liner in one year. The ratio should be around 70-80% from replacement and 20-30% in new machines installed.
The contribution to the GDP of the mining and quarrying sector, in terms of both nominal and real GDP, has declined over the past decade. Regarding nominal GDP, the share of mines and quarries increased from 2.13% in 2015-2016 to 1.75% in 2019-2020; the government’s objective is to increase the share from 1.75% to 2.50%. Miners will have to process more ore to produce the required concentrate. This in turn will stimulate the growth of consumables such as mill liners in the mineral processing industry. Crusher liners can be metal, rubber, or composite materials.
Tega Industries provides complete solutions to renowned global customers in the mineral enrichment, mining and bulk solids handling industry at various stages of mining and mineral processing, screening, crushing and material handling, including aftermarket expenses for wear and tear, spares, grinding media and electricity, which are regular operating expenses for customers.
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.
Operating income increased by 17.62% from Rs 684.85 crore in fiscal 2020 to Rs 805.52 crore in fiscal 2021 mainly due to an increase sales of products, while its net profit increased from Rs 65.50 crore in fiscal year 2020 to Rs 136.41 crore.