Tega Industries Ltd of Kolkata became the third most subscribed initial public offering (IPO) of this year by receiving more than 219 times the number of bids on its final day. A record number of qualified institutional buyers (QIB) subscribed to the initial public offering, making this the highest number in the last decade.
Tega Industries, a leading manufacturer and distributor of specialized consumables for the minerals beneficiation, mining and bulk solids handling industries, announced its first-ever initial public offering on December 1, which closed on December 3. It appears that the December 13th IPO has all the ingredients for a bumper listing, based on the subscription period.
The IPO of Tega Industries created history when it was oversubscribed by 219.04 times on Friday. The IPO was also hailed for receiving the highest bids from qualified institutional buyers (QIBs) in a decade. Before Tega Industries, the QIB portion of HDFC Asset Management Company was subscribed most, 192.26 times, followed by Indigo Paints 189.57 times, Tatva Chintan 185.23 times, and Mrs. Bectors Food Specialties 176.85 times.
The previous highest subscription for the QIB portion was achieved by HDFC Asset Management Company Ltd for its IPO launched on 25th – 27th July 2018, which got 192.3 times subscription from QIB investors.
Investors’ strong response to QIB indicates that they are willing to invest in quality IPOs. According to market experts, QIBs are showing interest in new businesses where there are few or no companies listed.
The IPO has received bids for 2,09,58,69,600 equity shares, compared to 95,68,636 reserved shares. On the final day, Non-Institutional Investors (NIIs) bid over 666 times, while retail investors bid over 30 times.
Tega Industries’s IPO share allotment is expected to begin December 8, 2021, and will be completed by December 10, 2021, according to discount broker Upstox. Shares of Tega Industries are likely to begin trading on December 13, 2021. Those who applied for this issue can check the IPO allotment status on the BSE official website and Link Intime India Private Ltd, the registrar.
How To Check Tega Industries’ IPO Allotment Status on BSE:
Step 1: Go to https://www.bseindia.com/investors/appli_check.aspx.
Step 2: Select the IPO issue name – ‘Tega Industries IPO’ from the dropdown menu and then select ‘equity’ from the dropdown menu.
Step 3: Enter your application number and PAN card number.
Step 4: Check ‘I am not a robot’ and hit submit to know the status.
