Tega Inds 'bumper' listing

Tega Industries made a fantastic debit today, listing at Rs.753 on the BSE v/s IPO price of Rs.453, a whopping 66% premium.

This bumper listing was very much on the expected lines given the response to its IPO – it was subscribed by a huge 219.04 times,  with HNIs portion subscribing over 666 times, QIBs at 215.45 times and retail at 29.44 times.

We had given a ‘subscribed’ in our IPO Analysis, saying, “While Tega is a smaller player with lower margin, it is a growing business with similar return ratio at a lower valuation. Company’s revenue growth with margin expansion and better fundamentals vis-a-vis AIA Engineering make it an ‘apply with a medium to long term view.”