In line with expectations, the issue of Tega Industries IPO made a bumper debut. On the NSE, the issue settled at a price of Rs. 760 per share, while on the BSE the shares started trading at a price of Rs. 753 per issue. The issue received overwhelming response and seeing the trend of GMP prices, experts anticipated it to list at a premium of 75 percent at around Rs. 750-800 as against the IPO price of Rs. 453.
On the listing, Aprajita Saxena, Research Analyst at Trustline Securities is quoted in a report as saying, "Tega Industries Limited has established track record with industry leading position on account of good quality of business with low leverage, high cash in the books and high margins- Catering to its marquee clients. Strong R & D capabilities, low current utilisation and solid financial performance. With reasonable valuation and positive sentiments around this IPO, listing price could be around ₹753 including listing gain to the tune of ₹300 per share."
The Rs. 619 crore Tega Industries IPO remained open for subscription between December 1-3 in the price range of Rs 443-453 per share. The issue received decent response with issue subscription at more than 219 times at the end of the close of the bidding process.
Ravi Singh, Head of Research & Vice President at ShareIndia views the issue to see 70% pop, "We are expecting Tega Industries share to list in the range of ₹675 to ₹765, delivering around 50 to 70 per cent premium to the allottees."
About the company
The company based on the sales as of June 2021 is the second leading polymer-based mill liners producer globally.
Tega Industries IPO Grey market premium/GMP
As of December 13, the issue commands a GMP of Rs. 310 which is Rs. 10 more than yesterday. So, simply this means that the grey market or the market for unlisted securities see the issue to list at Rs. 453+ Rs. 310= Rs 763.