The initial public offering of Tega Industries Ltd has set a price band of ₹443-453 a share. Earlier the firm said it will open on 1 December for Subscription and close on 3 December. The firm plans to list on exchanges on 13 December.

On the upper band of issue price, the firm plans to raise ₹619.22 crore.

The IPO consists of a pure offer for sale of upto 13.67 million shares by its existing shareholders and promoters. According to DRHP, Modan Mohan Mohanka will sell upto 3.31 million shares, upto 0.66 million shares by Manish Mohan and upto 9.69 million shares by Wagner Ltd, an affiliate of the US-based private equity firm TA Associates.

Currently, Madan Mohan Mohanka and Manish Mohanka have 13.07% and 11.98% stake respectively in the firm. Wagner Ltd has 14.62% stake in the company.

Axis Capital and JM Financial are the book running lead managers to the issue.

The firm is a leading manufacturer and distributor of specialized ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry.

The firm has six manufacturing sites, including three in India, at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia, with a total built-up area of 74255 Sq. mts.

Total income for fiscal year 2021 was at ₹856.68 crore against ₹695.54 crore a year ago. Net profit for the period stood at ₹136.41 crore versus ₹65.50 crore last year.