Kolkata-based Tega Industries' initial public offering to open on Dec 1

The initial share-sale of Tega Industries, manufacturer of consumables for the mining industry, will open for public subscription on December 1.

The three-day initial public offering (IPO) will conclude on December 3, according to the red herring prospectus (RHP).

The IPO is purely an offer of sale of 1,36,69,478 equity shares by promoters and an existing shareholder. As a part of the offer for sale, promoters Madan Mohan Mohanka will offload up to 33.14 lakh equity shares and Manish Mohanka will sell 6.63 lakh equity shares. In addition, Wagner, an affiliate of the US-based private equity firm TA Associates, will offload 96.92 lakh equity shares through the offer for sale.

Currently, promoter and promoter group hold 85.17 per cent stake in the company and Wagner owns 14.54 percent shareholding.

The Kolkata-based Tega Industries offers comprehensive solutions to marquee global clients in the mineral beneficiation, mining, and bulk solids handling industry, through its wide product portfolio.

Axis Capital and JM Financial are the merchant bankers to the public issue. The shares of the company will be listed on both BSE and NSE.