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Shares of Tega Industries surged on debut today as the stock rose to 728.90 on BSE today, as compared to issue price of 453. In comparison, the Sensex was up 0.6%. The 620 crore initial public offer of Tega Industries Limited was subscribed a whopping 219.04 times. The category for non-institutional investors got subscribed 666.19 times, qualified institutional buyers (QIBs) received 215.45 times subscription, and retail individual investors (RIIs) 29.44 times. 

The initial public offer was of up to 1,36,69,478 equity shares and had a price range of 443-453 a share. 

Ahead of the IPO, Tega Industries garnered 186 crore from anchor investors.

Tega Industries is a manufacturer and distributor of specialized ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry.

“The fundamentals of the company are very sound. It witnessed strong top-line and bottom-line growth with a rise in margins in recent years and it has healthy cash flows. The outlook for the industry is also bullish. Long-term investors should hold this company into their portfolio," says Aayush Agrawal, Sr. Research Analyst - Merchant Banking, Swastika Investmart Ltd.

Parth Nyati, founder of Tradingo, said: “Kolkata-based company with strong management and sound fundamentals went public today. A massive response from investors triggered the IPO to be subscribed 219 times. The IPO was purely OFS based where its PE fund is exiting, but the company is cash-rich. Initially priced at 453 each, the issue gained 66% and was listed at 760. The company might perform much better going forward if this momentum continues. New investors can wait for a dip to buy, while long-term investors should hold this stock. Those who have received the allotment should keep a stop loss of 690."

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