Tega Industries, a manufacturer of consumables for the mining industry, on Friday said it has fixed a price band of Rs 443-453 a share for its initial public offering (IPO). The issue will on December 1 and close on December 3. The company proposes to raise Rs 619.23 crore at the upper end of the price band. The anchor book is expected to open on November 30 and the company will list on the exchanges on December 13.
Tega’s maiden public offer is entirely an offer for sale (OFS) of 1.37 crore equity shares by its existing shareholders and promoters. Promoters Madan Mohan Mohanka and Manish Mohanka will offload a part of their stake via the OFS, and Wagner – an affiliate of PE firm TA Associates – will exit the company through the share sale.
Currently, the promoters hold an 83.21% stake, while Wagner holds 14.62%. Post-Issue, the promoters’ stake will come down to 77.21%, the management said in a press conference on Friday.
As of FY21, revenues from operations stood at Rs 856.68 crore, against Rs 643.01 crore in the previous year. Net profit during the same period was Rs 136.40 crore.
“More than 85% of revenues are generated from businesses outside India, and above 74% of business is repeat business,” Mehul Mohanka, MD and group CEO, said in the presser.