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The three-day initial public offering (IPO) of Tega Industries Limited, manufacturer of consumables for the mining industry, that opened on December 1, received an overwhelming response from investors as it got subscribed a whopping 219.04 times on its last day of bidding that closed on December 3, 2021. 

The share allotment of Tega Industries IPO has been finalized on Thursday. Meanwhile, the company plans to list on leading stock exchanges BSE and NSE next week on Monday, December 13. As per market observers, Tega Industries shares are available at a premium (GMP) of 300 in the grey market today.

The initial share sale was of up to 1,36,69,478 equity shares and had a price range of 443-453 a share. Tega Industries had garnered 186 crore from anchor investors ahead of its IPO. Axis Capital Limited and JM Financial were the managers of the public issue.

Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry through its wide product portfolio. The firm has six manufacturing sites, including three in India, at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia.

The company became the third most subscribed public issue so far this year after the two biggest IPO's of this year which are Latent View Analytics and Paras Defence and Space Tech which were subscribed more than 338 times and 304 times, respectively.

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