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Mining Player Tega Industries Raises Rs 186 Cr

The company informed the bourses that it has allocated 41,00,842 shares at Rs. 453 per share on Tuesday, November, 30th, 2021 to anchor investors.

Tega Industries, which offers solutions to marquee global clients in the mineral beneficiation, mining and bulk solids segments, has garnered Rs 185.77 crore from anchor investors ahead of its initial share sale that opens for public subscription on Wednesday. The company informed the bourses that it has allocated 41,00,842 shares at Rs. 453 per share on Tuesday, November, 30th, 2021 to anchor investors.

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 that participated in the anchor book.

In addition, shares have been 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 that participated in the anchor book.

Out of the total allocation of 41,00,842 equity shares to the anchor investors 25,77,661 equity shares were allocated to 8 mutual funds through 19 schemes amounting to Rs 116.77 crore i.e. 62.86% of the Total Anchor Book Size.

The company is a leading manufacturer and distributor of specialized ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry, on the basis of sales as of June 30, 2021.

Globally on the basis of revenues, Tega Industries are the second-largest producer of polymer-based mill liners as of June 30, 2021.

Its product portfolio comprises more than 55 mineral processing and material handling products, that covers a wide range of solutions in the mining equipment, aggregates equipment and the mineral consumables industry.

Axis Capital Limited and JM Financial Limited are the Book Running Lead Managers (“BRLM”) to the offer.

IPO Details

The IPO is entirely an offer for sale of up to 1,36,69,478 Equity Shares (“Offer for Sale”) by the Selling Shareholders, up to 33,14,657 equity shares by Madan Mohan Mohanka, up to 6,62,931 equity shares by Manish Mohanka (Together with Madan Mohan Mohanka) (the “Promoter Selling Shareholders”) and up to 96,91,890 by Wagner Limited, (Investor selling shareholders). The Company will not receive any proceeds from the Offer.

The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Wednesday, December 01, 2021 and closes on Friday, December 03, 2021. The price band for the Offer has been determined at Rs 443 – Rs 453 per equity share.

The IPO will fetch Rs 619 crore at the upper end of the price band.

Investors can bid for a minimum of 33 equity shares and in multiples of 33 equity shares thereafter.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations.

The Offer is being made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors. 



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