Tega debuts up 66 per cent; MapmyIndia eyes big show
The IPO of the manufacturer of consumables for the mining industry had witnessed a robust response from all categories of investors, getting subscribed more than 219 times.
Published: 14th December 2021 10:05 AM | Last Updated: 14th December 2021 10:05 AM | A+A A-
IPO (File Photo | Reuters)
NEW DELHI: Kolkata-based Tega Industries made a stellar debut on the bourses on Monday, listing at 66% premium over its issue price of Rs 453. The stock was listed on the BSE at Rs 753 a piece and closed its first session at Rs 725.5, up 60.15%.
The Initial public offering (IPO) of the manufacturer of consumables for the mining industry had witnessed a robust response from all categories of investors, getting subscribed more than 219 times.
“Tega industry is debuting the secondary market on expected lines as the grey market was indicating a listing gain of 65-70%. 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 690,” said Santosh Meena, Head of Research, Swastika Investmart.
If grey market premium (GMP) is anything to go by, CE Info Systems, which runs MapmyIndia, is also expected to have a bumper listing.
MapmyIndia’s GMP on Monday was around Rs 1,020 or over 98% to its issue price of Rs 1,039. This means that the stock will list at around Rs 2,000 a piece if the grey market premium does not fall before it hits the bourses.
The Rs 1,040-crore public issue of MapmyIndia was subscribed 154.71 times on the final day of bidding.
Many experts have given a subscription status to the IPO as the company is providing 98.50% maps of the Indian Road and has a monopoly kind of a business.
The stellar response to these IPOs comes after a flop show put up by Star Health and Paytm. In both cases, high valuation and loss-making nature of the firms were concerns.
