Kolkata based Tega Industries Ltd become third most subscribed initial public offering so far this year with getting over 219 times bids on the final day.
At 5pm, the overall book, excluding the anchor allotment, was subscribed 219.04 times after getting bids for about 2.09 billion shares, according to stock-exchange data.
Retail investors placed bids for 29.44 times the shares reserved for them. Non-institutional investors bid for 666.19 times of their quota while institutional investors subscribed 215.45 times.
The two biggest IPO's of this year are Latent View Analytics and Paras Defence and Space Tech which subscribed over 338 times and 304 times respectively.
Analysts say considering the FY-21 adjusted EPS of Rs.20.58 on a post-issue basis, the company is going to list at a P/E of 22.02 while its peer namely AIA Engineering Ltd is trading at a P/E of 30.40.
"The company is a leading producer of specialized and “critical to operate” products, with high barriers to replacement or substitution. Also, it is available at a reasonable valuation as compared to its peer", brokerage firm Marwadi Shares and Finance said in a note to its investors.
Meanwhile, Anand Rathi Wealth Ltd, the wealth management arm of Anand Rathi Financial Services, continued to get strong response on the second day of its IPO. At 5pm, the overall book, excluding the anchor allotment, was subscribed 3.02 times.
Retail investors placed bids for 4.77 times the shares reserved for them. Non-institutional investors bid for 3.06 times of their quota while institutional investors subscribed 0.17 times.
