Tega Industries IPO: price band fixed for IPO

Tega Industries IPO: price band fixed for IPO

Tega Industries, a manufacturer of consumables for the mining industry, has fixed a price band of Rs 443 -- 453 a share for its initial share-sale of Rs 619 crore. The three-day initial public offering IPO will open on December 1 and close on December 3, the company announced.

The IPO is a purely offer of sale of 1,36, 69,478 equity shares by promoters and existing shareholder. As part of the offer for sale, promoters Madan Mohan Mohanka will sell up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares.

Wagner owns 14.54 per cent of the company's shareholding, and the promoter and promoter group currently holds 85.17 per cent of the company.

The initial public offering is expected to fetch Rs 619.22 crore at the upper end of the price band. A portion of the issue size has been reserved for qualified institutional buyers, which are 15 per cent for non-institutional investors and 35 per cent for retail investors.

The investor can bid for a minimum of 33 equity shares and multiples thereof. Through its wide product portfolio, Tega Industries provides comprehensive solutions to global clients in the mineral beneficiation, mining and bulk solids handling industry.

Axis Capital and JM Financial are the merchant bankers to the public issue. The shares of the company will be listed on both the BSE and the NSE.