IPO: Anand Rathi Wealth Receives 3.02 Times Subscriptions On Day 2, Tega Industries Ltd Sees 219 Times Subscriptions On Day 3
Anand Rathi Wealth
On the second day of bidding, Anand Rathi Wealth received 3.02 times the bid on offer for 2.55 crore equity shares against an IPO size of 84.75 lakh units.
The quota reserved for retail investors and non-institutional investors received 4.77 times and 3.06 times subscriptions, respectively. Qualified Institutional Buyers (QIB) bought 17 percent of the shares earmarked for them, while employees bid for 66 percent of their allotted quota.
Anand Rathi Wealth Ltd, which is India’s one amongst three largest non-bank mutual fund distributors in terms of gross commission earned in the last three financial years, aims to raise Rs 660 crore through its public offer that consists of an offer-for-sale of 1.2 crore equity shares of the face value of ₹ 5 each by Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez, the company said in a statement.
Tega Industries Ltd
On the third day of the Rs 619-crore initial public offering of Tega Industries Ltd, the offer saw the subscriptions 219 times. Within an hour of opening on Wednesday, the offer was fully subscribed.
The IPO, an entirely offer for sale by promoters and an existing arm of a private equity firm, has been fixed at Rs 443-453 apiece.
The initial public offering represents 20.6 percent of the company's post-issue equity, with promoters holding 79.2 percent following the share sale. At the upper end of the price band, the firm is looking for a market value of Rs 3,003 crore. The proceeds from the offer-for-sale will go in the hands of promoters and investors who are offering shares in the issue, rather than the company.