By Malvika Gurung
Investing.com — The mining major Tega Industries Ltd (BO:) has made a stellar debut in the Indian exchanges on Monday, listing at a premium of 68% on NSE at Rs 760 apiece, compared to its issue price of Rs 453/share. On the BSE, the stock listed at Rs 753 apiece, up 66% over its set issue price.
The stock was expected to debut at a premium as it was commanding a premium of Rs 300-320 in the grey market, before debuting on the Indian bourses. The Kolkata-based company’s IPO was subscribed over 219 times, making it the third highest subscribed IPO this year, after Latent Views and Paras Defence.
The company raised a total of Rs 619.23 crore through its initial stake sale. The mining company’s IPO received strong interest from High Net Worth Individuals and institutional bidders, with the retail portion of the IPO subscribed over 29 times, the wealthy investor portion subscribed 666 times, followed by the institutional investor section subscribed 215 times.
Shares of Tega Industries were trading 62.11% up at Rs 734.35 apiece at 12:35 pm. The stock has hit a high of Rs 765 and a low of Rs 721 on the BSE, post listing.
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