Mumbai: The initial public offering of Tega Industries Limited ("Company"), has achieved the highest subscription from the qualified institutional buyers (QIB) category in a decade. On the last day of subscription, the QIB portion was subscribed 215.45* times. Overall, the issue was oversubscribed by 219.04 times.
QIB portion of HDFC Asset Management Company was subscribed 192.26 times, followed by Indigo Paints 189.57 times, Tatva Chintan 185.23 times and Mrs. Bectors Food Specialties 176.85 times.
Robust QIB category bid indicates money is waiting on the sidelines for quality IPOs since interest in the broader markets seemed less. Brokerage are of the view that QIB interest is higher in new kind of businesses where either there are little or no listed companies in that space.
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The offer received bids for 2,09,58,69,600 shares against the offered 95,68,636 equity shares, as per the 5:00 pm data available on the bourses.
Retail investors had put in bid 29.44 times the shares reserved for them, while the portion set aside for non-institutional investors was subscribed 666.19 times.
The primary offering was entirely an offer for sale (OFS) shares with a face value of Rs 10 each, in which its existing shareholders and promoters stood to offload 1,36,69,478 equity shares in the range of Rs 443-453 each.
On Tuesday, Tega Industries raised Rs 186 crore from 14 anchor investors, who were allotted 41,00,842 equity shares at the upper price band of Rs 453 per share.
Ashoka India Equity Investment Trust PLC, Goldman Sachs, Kotak Funds – India Midcap Fund, Kuber India Fund, Elara India Opportunities Fund, and BNP Paribas Arbitrage are among the investors that participated in the anchor book.
In addition, shares have been allocated to domestic funds SBI Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, Mirae Assets Tax Saver Fund, Aditya Birla Sun Life Trustee Private Limited, Kotal Mutual Fund and Tata Mutual Fund are among the investors that participated in the anchor book.