Tega Industries Limited Initial Public Offering
On Friday, Tega Industries, manufacturer of consumables for the mining industry, said it had fixed a price band of Rs 443-453 a share for its Rs 619-crore initial share sale. The three-day initial public offering (IPO) will open on December 1 and conclude on December 3, the company announced.
The IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder.
As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares, and Manish Mohanka will sell 6.63 lakh equity shares.
In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.
Currently, promoter and promoter group hold 85.17 per cent stake in the company, and Wagner owns 14.54 per cent shareholding.
The initial public offering is expected to fetch Rs 619.22 crore at the upper end of the price band.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors.
Investors can bid for a minimum of 33 equity shares and in multiples thereof.
The Kolkata-based Tega Industries offers complete solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry through its comprehensive product portfolio.
Axis Capital and JM Financial are the merchant bankers to the public issue. The shares of the company will be listed on both BSE and NSE.
Established in 1976, Tega Industries is a leading manufacturer and distributor of specialized, critical, and recurring consumable products for the global mineral beneficiation, mining, and bulk solids handling industry. Globally, Tega industries are the second largest producers of polymer-based mill liners, based on revenues for the year 2020.
The company offers a comprehensive product portfolio of specialized abrasion and wear-resistant rubber, polyurethane, steel, and ceramic-based lining components used by their customers across different stages of mining and mineral processing, screening, grinding, and material handling. The company's product portfolio comprises more than 55 mineral processing and material handling products.
The company has six manufacturing sites, including 3 in India, Dahej in Gujarat, Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa, and Australia, a total built-up area of 74255 Sq. Mts. In the last three Fiscals, the company has a presence in 513, 498, and 479 installation sites in over 70 countries. The majority of the company's revenue (86.42% in 2021) comes from operations outside India. The company has 18 global and 14 domestic sales offices close to its key customers and mining sites. Tega Industries further expands its operations in major markets, including North America, South America, Australia, and South Africa.
Competitive strengths:
- One of the world's largest producers of polymer-based mill liners
- Products cater to after-market spends providing recurring revenues
- In-house R&D and manufacturing capabilities and a strong focus on quality control
- Global customer base and strong worldwide manufacturing and sales capabilities
- Consistent market growth and operational efficiency
- Experienced management team supported by a large, and diversified workforce
The company promoters are Madan Mohan Mohanka, Manju Mohanka, Manish Mohanka, Mehul Mohanka and Nihal Fiscal Services Private Limited.
| Particulars | For the year/period ended (₹ in Millions) |
|---|
| 30-Jun-21 | 31-Mar-21 | 31-Mar-20 | 31-Mar-19 |
| Total Assets | 10,561.72 | 10,183.39 | 8,873.15 | 7,902.68 |
| Total Revenue | 1,793.86 | 8,566.84 | 6,955.42 | 6,430.13 |
| Profit After Tax | 118.82 | 1,364.05 | 655.04 | 326.70 |
Objects of the Issue:
The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges.
Tega Industries IPO Details
| IPO Opening Date | December 1, 2021 |
| IPO Closing Date | December 3, 2021 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹443 to ₹453 per equity share |
| Market Lot | 33 Shares |
| Min Order Quantity | 33 Shares |
| Listing At | BSE, NSE |
| Issue Size | 13,669,478 Eq Shares of ₹10
(aggregating up to ₹619.23 Cr) |
| Offer for Sale | 13,669,478 Eq Shares of ₹10
(aggregating up to ₹619.23 Cr) |
The Tega Industries IPO open date is December 1, 2021, and the close date is December 3, 2021. The issue may list on December 13, 2021.
| IPO Open Date | December 1, 2021 |
| IPO Close Date | December 3, 2021 |
| Basis of Allotment Date | December 8, 2021 |
| Initiation of Refunds | December 9, 2021 |
| The credit of Shares to Demat Account | December 10, 2021 |
| IPO Listing Date | December 13, 2021 |
Tega Industries IPO Lot Size
The Tega Industries IPO market lot size is 33 shares. A retail-individual investor can apply for up to 13 lots (429 shares or ₹194,337).
| Application | Lots | Shares | Amount (Cut-off) |
|---|
| Minimum | 1 | 33 | ₹14,949 |
| Maximum | 13 | 429 | ₹194,337
|
| Pre Issue Share Holding | 85.17% |
| Post Issue Share Holding | 79.17%
|
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