Mumbai: Shares of Tega Industries debuted on a strong note and got listed at a premium of over 67.77 per cent above their issue price in the stock exchanges today.The scrip got listed at Rs 760.00 apiece on the National Stock Exchange (NSE), thereby registering a gain of 67.77 per cent from its offer price of Rs 453.00, while on the BSE, it opened at Rs 753.00, up 66.23 per cent from the issue price.
The stock inched higher from its opening levels and within a few minutes touched a high of Rs 767.10 on BSE and Rs 767.70 on NSE.At 10:45 am, the scrip was trading at Rs 738.10 on the BSE, up 62.94 per cent from the issue price while on NSE it was at Rs 737.50, up 62.80 per cent. The market capitalisation stood at Rs 4,893.10 crore, data from the BSE showed.Over 1.07 crore shares of Tega Industries were traded so far on NSE while nearly 7.59 lakh shares have exchanged hands on the BSE, data from the respective stock exchange showed.
Tega Industries is a Kolkata-based manufacturer of consumables for the mining industry. It offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining and bulk solids handling industry, through its wide product portfolio. The IPO was met with a robust subscription during its offer period from December-1-3, 2021. It saw a whopping 219.04 times subscription on the final day. Reacting to the listing, SantoshMeena, Head of Research at Swastika Investmart, said,
“Tega industry is debuting the secondary market on expected line as the grey market was indicating a listing gain of 65-70 per cent. The fundamentals of the company are very sound and the outlook for the industry is also bullish therefore long-term investors should hold this company into their portfolio while those who applied for listing gain can keep a stop loss at Rs 690.”