Tega Industries IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 13th December 2022 - 04:44 pm

The Rs.619.23 crore IPO of Tega Industries, consisting entirely of an offer for sale (OFS) of Rs.619.23 crore, saw robust response and got oversubscribed on Day-1 itself. As per the combined bid details put out by the BSE at the close of Day-3, Tega Industries IPO was subscribed 219.04X overall, with strong demand coming from the HNI / NII and the QIB space, followed by the retail space. The issue closed for subscription on 03rd December.

As of close of 03rd December, out of the 95.69 lakh shares on offer in the IPO, Tega Industries saw bids for 20,958.70 lakh shares. This implies an overall subscription of 219.04X. The granular break-up of subscriptions was dominated by the HNIs / NIIs followed by the QIB investors. The QIB bids and NII bids gathered rapid momentum on the last day, as is the general trend in the IPO market.

Tega Industries IPO Subscription Day-3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	215.45 Times
Non Institutional Investors (NII)	666.19 Times
Retail Individuals	29.44 Times
Employees	N.A.
Overall	219.04 times

QIB Portion

Let us first talk about the pre-IPO anchor placement. On 30th November, Tega Industries did an anchor placement of 41,00,842 shares at the upper end of the price band of Rs.453 to 25 anchor investors raising Rs.185.77 crore.

The list of QIB investors included a number of marquee global names like Goldman Sachs India Portfolio, Ashoka India Fund, Kuber India Fund, Elara India Opportunities Fund and BNP Paribas Arbitrage Fund. Domestic anchor investors included SBI Mutual Fund, Birla MF, HDFC MF, Mirae MF, Axis MF and Tata MF.

The QIB portion (net of anchor allocation as explained above) had a quota of 27.34 lakh shares of which it has got bids for a total of 5,890.17 lakh shares as of the close of Day-3, implying 215.45X subscription for QIBs at the close of Day-3. QIB bids typically get bunched on the last day and that was the trend visible in the case of the Tega Industries too.

HNI / NII Portion

The HNI portion got subscribed a healthy 666.19X (getting applications for 13,659.79 lakh shares against the quota of 20.50 lakh shares). This is a relatively solid response at the close of Day-3 with this segment also seeing the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, come in on the last day of the IPO, so that explains the sharp improvement in numbers on the last day.

Retail Individuals

The retail portion was subscribed a healthy 29.44X at the close of Day-3, showing strong retail appetite; as has been the general trend with smaller sized IPOs. It must be noted that retail allocation is 35% in this IPO. For retail investors; out of the 47.84 lakh shares on offer, valid bids were received for 1,408.73 lakh shares, which included bids for 1,080.13 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.443-Rs.453) and has closed for subscription on 03rd December 2021.

Also Read:-

Upcoming IPOs in 2021

Upcoming IPOs in December 2021

Tega Industries IPO - Subscription Day 2