Wednesday, April 17, 2024

Shares of Tega Industries made a strong debut on Dalal Street

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Shares of Tega Industries made a strong debut on Dalal Street as the scrip got listed at Rs 760 on NSE, a premium of 68 per cent over its issue price of Rs 453. On BSE, the stock listed at Rs 753, a premium of 66 per cent over the given issue price.

A day ahead of itx listing on the bourses, shares of the manufacturer of specialized, critical, and recurring consumable products was commanding a a premium of Rs 300-320 in the grey market, signaling a strong debut on Dalal Street.

The issue of Tega Industries was open for subscription between December 1-3. The company sold its shares in the range of Rs 443-453 apiece during the three-day bidding process.

The company raised Rs 619.23 crore via the initial stake sale, which was entirely an offer for sale exercised by existing shareholders and promoters of the company.

The IPO of Tega Industries was subscribed over 219 times, thanks to strong interest from HNIs and institutional bidders. QIB quotes saw historic bidding as their portion received the most bids for any issue in the last one decade.

The portion reserved for non-institutional investors was subscribed a whopping 666 times, whereas the quota for qualified institutions fetched bids over 219 times. Allocation for retail investors attracted bids more than 29 times.

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