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Kolkata-based Tega Industries Ltd’s initial public offering (IPO) sailed through within an hour on the first day on Wednesday thanks to retail and high net-worth investors.

At 5 pm, the overall book, excluding the anchor allotment, was subscribed 4.67 times after getting bids for about 44.66 million shares, according to stock-exchange data. Retail investors placed bids for 7.51 times the shares reserved for them. Non-institutional investors bid for 4.17 times of their quota, while institutional investors subscribed 0.07 times.

At the upper price band of 453, Tega Industries Ltd is demanding a PE multiple of 18.79x FY21 earnings, which is lower than the industry average of 31.71x. The company’s price to sales ratio is at 3.73x FY21 revenue.

Meanwhile, the 7,249 crore initial share sale of Star Health & Allied Insurance Co. Ltd continued to get weak response for its IPO on the second day.

The overall book, excluding the anchor allotment, was subscribed just 20%, or 0.20 times. As of 5 pm, the retail investors, whose investments cannot exceed 2 lakh in an IPO, applied for 89%, or 0.89 times, the shares on offer.

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