Tega Industries
Mainboard₹619 Cr issue
+66.23%
Listing gain over issue price
Issue size
₹619 Cr
1 lot at cut-off
₹14,949
Lot size
33shares
Open
01 Dec 2021
Close
03 Dec 2021
Allotment
08 Dec 2021
Listing
13 Dec 2021
Listing performance
Issue price
₹453
Listed at
₹753
Listing-day close
₹726.05
Latest price
₹1,723.50
Close on 23 Oct 2026
Listing gain
+66.23%
Return since issue
+280.46%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Dec 2021 – 03 Dec 2021
- Listing date
- 13 Dec 2021
- Face value
- ₹10 per share
- Issue price
- ₹453 per share
- Lot size
- 33 shares
- Total issue size
- ₹619 Cr
- Market cap at offer price
- ₹3,003 Cr
- Promoter holding
- 85.17% → 79.15% pre-issue → post-issue
- ISIN
- INE011K01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 147, Block-G, New Alipore, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 41,00,842 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 33 shares per lot, in multiples, at ₹453
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 33 | ₹14,949 |
| Retail (max) | 13 | 429 | ₹1,94,337 |
| S-HNI (min) | 14 | 462 | ₹2,09,286 |
| S-HNI (max) | 66 | 2,178 | ₹9,86,634 |
| B-HNI (min) | 67 | 2,211 | ₹10,01,583 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
41,00,842
Anchor portion
₹186 Cr
at ₹453 per share
Valuation and performance
Valuation at offer price
₹453 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹3,003 Cr |
About Tega Industries
Tega Industries Limited is incorporated as a public limited company in India (since 1976) and is the second largest producer of polymer-based mill liners globally. The company manufactures and distributes specialized 'critical to operate' and recurring consumable products including mill liners, screen panels, conveyor products, and other solutions for the global mineral beneficiation, mining and bulk solids handling industry. It operates through a direct sales model with 18 global sales offices and 14 domestic sales offices, and has manufacturing facilities in India (Kalyani, West Bengal and Dahej, Gujarat), Chile, South Africa, and Australia. The company earns recurring revenue primarily from after-market spares and replacement parts for mining mills, with 76-80% of revenue from repeat orders. It serves marquee global customers in the mining sector and has achieved strong growth through both organic expansion and strategic acquisitions.
Company Analysis
from RHPTega Industries is a leading global manufacturer and distributor of specialized mill liners, conveyor products, and mineral processing equipment for the mining and mineral beneficiation industry, operating across North America, South America, Africa, Europe, and Asia-Pacific.
Tega Industries Limited is incorporated as a public limited company in India (since 1976) and is the second largest producer of polymer-based mill liners globally. The company manufactures and distributes specialized 'critical to operate' and recurring consumable products including mill liners, screen panels, conveyor products, and other solutions for the global mineral beneficiation, mining and bulk solids handling industry. It operates through a direct sales model with 18 global sales offices and 14 domestic sales offices, and has manufacturing facilities in India (Kalyani, West Bengal and Dahej, Gujarat), Chile, South Africa, and Australia. The company earns recurring revenue primarily from after-market spares and replacement parts for mining mills, with 76-80% of revenue from repeat orders. It serves marquee global customers in the mining sector and has achieved strong growth through both organic expansion and strategic acquisitions.
mineral beneficiationminingbulk solids handlingmineral processing equipment manufacturing
Objects of the Issue
- Offer for Sale of equity shares by the Selling Shareholders; achieve the benefits of listing the Equity Shares on the Stock Exchanges ₹6,192.27 million p.21
- Listing of Equity Shares on Stock Exchanges p.101
- Offer for Sale p.380
Issue Structure
- Total Issue
- ₹6,192.27 million
- Fresh Issue
- 0 (Offer for Sale only)
- Offer for Sale
- 13,669,478 equity shares aggregating to ₹6,192.27 million
- Price Band
- ₹443 to ₹453 per equity share
- Lot Size
- 33 equity shares (Bid Lot)
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through manufacturing and distribution of specialized mill liners, wear parts, and mineral processing equipment. Revenue is primarily recurring through after-market spares and replacement parts (76-80% of sales), with the remainder from new equipment conversions. The company operates a direct sales model with dedicated regional sales teams and uses spot contracts for raw material procurement and third-party logistics. Products are customized to specific customer requirements based on mining mill specifications.
Business Segments
Metallic, rubber or composite materials used to protect mills from wear during grinding of harsh raw materials
After-market spares and replacement parts for mining mills, and conversion products for mill upgrades
Machines for mineral separation and screening including hydrocyclones and trommel screens
Components used with conveyor belts
Mill liners are used in the grinding mills for the beneficiation of minerals. Key products include DynaPrime (for larger mills with modern liner handlers), DynaSteel (rubber and alloy combination for grinding applications), DynaPulp (maximum capacity mills), and DynaWear (rubber-based secondary and tertiary mills). DynaPrime launched in 2018 has unlocked new addressable market with 28 target sites as of June 30, 2021.
Screens and trommels are used for separation of particles according to sizes. Key product is Rapido (patented product addressing clogging and blinding issues). Screening solutions include bolt down panels, cross tension panel, flip flo panel, polysnap panel, anti-clogging panel. Trommels are custom-designed for heavy, medium, and light duty applications with rubber or polyurethane screen panels.
Hydrocyclones are used for extracting or separating slurry particles based on overall particle weight. Key product is Tega Cyclone (PExEL) made from highly wear resistant rubber/Cryston housed in mild steel casing with multiple cone angles. Available with multiple cone angles to suit customer requirements and used in mineral industry for classification and beneficiation.
Conveyor components used with conveyor belts. Key products include Spill-ex skirt sealing system (spillage prevention at loading zones), Centrax (belt tracking system with tapered rollers and swivel bearing), and ceramic pulley lagging (improves performance, reduces slippage, extends belt life).
Services segment includes specialized plant audit consultancy services for grinding and classification upgrades, supplying individual spare parts, and comprehensive solutions for maintenance and operations throughout customer equipment lifecycle.
Manufacturing and supply of wear-resistant components and moulded products made of rubber, plastics, metals, ceramics, and composite materials for use in mining, mineral processing, and material handling industries
Manufacturing and dealing in liners made of rubber, plastics, metals, and composite materials for grinding mills, ball mills, and other equipment
Designing and manufacturing of complete equipment such as grinding mills, ball mills, impactors, bins, chutes, and other material handling and processing equipment
The company operates and derives revenue across multiple geographic regions through the sale of specialty pumps and related services
The group is engaged in the business of designing, manufacturing and installation of process equipment and accessories and is primarily operated out of India. The group has identified its executive committee as the chief operating decision maker ('CODM'). The CODM reviews the business as a single segment group.
Manufacture and sale of mill liners, screen panels, and related mining equipment
Installation services and technical support for mill liners and related products
Sale of scrap, commission income, duty drawback and other export incentives, and service fees
SWOT Analysis
Strengths
- • Leading manufacturer and distributor of specialized mill liners and mineral processing products globally(p.21)
- • High proportion of recurring revenue from repeat customers and after-market services(p.38)
- • Comprehensive product portfolio and customized solutions for global marquee clients(p.21)
- • Global manufacturing presence in major mining hubs with established supply chain(p.27)
- • Direct sales model with dedicated regional sales and distribution teams(p.28)
- • Significant international revenue generation and foreign exchange earnings(p.27)
- • Strong product quality and customer reputation through established brands(p.56)
- • Global workforce with technical expertise across multiple jurisdictions(p.50)
- • Diversified intellectual property portfolio across multiple geographies(p.54)
- • Established quality certifications and management systems(p.57)
- • Leading position in polymer-based mill liners globally(p.144)
- • Products cater to recurring after-market spend, not capital expenditure cycles(p.147)
- • High repeat revenue from existing customers(p.147)
- • Long-standing customer relationships with senior miners(p.148)
- • In-house R&D and no outsourcing of products(p.147)
- • Diversified customer base with low concentration(p.148)
- • Global manufacturing footprint in major mining locations(p.145)
- • Strong EBITDA growth and margins(p.152)
- • Established regulatory compliance across multiple jurisdictions(p.170)
- • Global subsidiary network enabling international operations(p.176)
- • Joint venture partnership for product distribution(p.182)
- • Long-standing operational history and industry recognition(p.182)
- • International manufacturing and service capabilities(p.177)
- • Goodwill in manufacturing operations across geographies(p.244)
- • Diversified international revenue across six geographic regions(p.263)
- • Strong order backlog with multi-year contracts(p.264)
- • Defined benefit retirement scheme with funded gratuity plan(p.269)
- • Global manufacturing footprint with 6 facilities across key mining hubs(p.322)
- • Second-largest global producer of polymer-based mill liners(p.322)
- • Diverse product portfolio of 55+ products with engineering capability developed over decades(p.322)
- • Strong recurring revenue model from consumable products(p.325)
- • Diversified global customer base with presence in over 70 countries(p.322)
- • Unique 'hybrid liner' product (DynaPrime) unlocking new market segment(p.327)
- • Strong ROCE improvement to 24.76% in FY2021 from 11.12% in FY2019(p.327)
Weaknesses
- • High dependence on a few key suppliers with no long-term contracts(p.31)
- • Concentration of revenue in top customers with no contractual commitments(p.45)
- • Accounting treatment non-compliance for certain equity shares and CCPP per Ind AS standards(p.30)
- • RBI filing delays and potential regulatory penalties for Form FC-GPR and ESOP filings(p.30)
- • Missing historical corporate records from incorporation through 2004(p.35)
- • Certain subsidiaries have incurred losses in prior years(p.48)
- • Dependence on third-party logistics providers for supply chain(p.28)
- • Significant litigation exposure involving company, promoters and directors(p.34)
- • High dependency on skilled technical personnel with intense competition for talent retention(p.50)
- • Significant regulatory approval dependencies with expiration and renewal risks(p.50)
- • Material SEZ operational restrictions limiting domestic sales capacity(p.54)
- • High reliance on contract labour with wage payment obligations and absorption risks(p.55)
- • High proportion of secured borrowings with asset encumbrance constraining future financing(p.52)
- • Labour union presence with charter of demands creating industrial action risk(p.55)
- • Past statutory filing discrepancies with RoC creating ongoing compliance risk(p.51)
- • Negative historical cash flows impacting operational and growth capacity(p.59)
- • Significant exposure to few large multinational customers(p.169)
- • Geographic concentration of manufacturing in three key locations(p.148)
- • Dependence on imported raw materials(p.164)
- • Capacity utilization below 75% at most facilities(p.161)
- • Heavy reliance on promoter and promoter group for capital control(p.202)
- • Geographic concentration risk in foreign subsidiaries with negative working capital(p.216)
- • Unresolved foreign currency payment obligations(p.215)
- • Pending corporate restructuring of promoter shareholding(p.39)
- • Historical litigation and director changes affecting governance(p.202)
- • Significant goodwill requiring annual impairment testing(p.244)
- • Accumulated deferred tax losses awaiting absorption(p.245)
- • High working capital requirements reflected in inventory holdings(p.246)
- • Multiple secured borrowings with asset pledges(p.258)
- • Significant foreign currency exposure requiring derivative hedging(p.280)
- • Dependence on few key suppliers with no long-term contracts(p.24)
- • High raw material cost volatility affecting profitability(p.325)
- • Concentrated customer base with top 10 customers representing 34.19% of sales in Q1 FY22(p.325)
- • Rising labour costs in India impacting operational efficiency(p.325)
- • Subsidiary Tega Industries Chile SpA recorded negative working capital and losses(p.300)
- • CCPP shares classified as equity present contingent buyback obligation(p.302)
Opportunities
- • Growing global mineral production and expected acceleration in commodity demand(p.21)
- • Expansion into new geographic markets with growing mining activity(p.37)
- • Large and growing global crushing, screening and mineral processing equipment market(p.21)
- • Asia-Pacific dominance in global mining industry providing market access opportunity(p.21)
- • Development and commercialization of new innovative products(p.36)
- • Potential for increased market penetration through direct sales model and customer wallet share(p.37)
- • Expansion into emerging mineral processing market segments(p.50)
- • International geographic diversification across multiple jurisdictions(p.54)
- • Enhanced market visibility and liquidity through public listing(p.101)
- • Capital accessibility and operational flexibility post-listing(p.101)
- • Expansion into North America, South America, Australia and South Africa markets(p.145)
- • Growing demand from depleting ore grades requiring more mill liner replacements(p.147)
- • New product launches unlocking new market segments(p.148)
- • Expansion of manufacturing capacity in India(p.151)
- • New manufacturing facility in Chile to access South American markets(p.151)
- • Global mineral processing equipment market growth forecast(p.118)
- • Expansion into mineral processing and mining industries(p.228)
- • IPO-driven capital raising for growth and acquisitions(p.176)
- • Foreign direct investment permitted up to 100% under automatic route(p.172)
- • Export incentives via RoDTEP scheme(p.172)
- • Consolidation through overseas acquisitions and manufacturing footprint(p.177)
- • Expansion of long-term contract portfolio(p.264)
- • Growth in emerging market geographies(p.263)
- • Product innovation and development initiatives(p.230)
- • Optimization of lease arrangements and right-of-use assets(p.239)
- • Expansion of DynaPrime order book across target sites(p.327)
- • Continued market expansion in North America, South America, Australia and South Africa(p.322)
- • Increase wallet share among existing customers through new product launches(p.327)
- • Global mining industry recovery and capital expenditure growth(p.324)
- • Latin American market penetration with high copper production contribution(p.322)
Threats
- • High exposure to foreign exchange fluctuations and currency volatility(p.32)
- • Volatility in raw material supply and pricing driven by global factors(p.31)
- • Import duties, trade restrictions and policy changes affecting exports(p.34)
- • Withdrawal of export incentive schemes reducing competitiveness(p.34)
- • Political instability and social unrest in key manufacturing jurisdictions(p.28)
- • COVID-19 pandemic impact and ongoing uncertainty on operations and demand(p.40)
- • Intense competition from established global competitors with greater resources(p.49)
- • Climate change regulations and sustainability requirements increasing operational costs(p.50)
- • Cyclicality of mining industry and dependence on commodity prices(p.21)
- • Restrictions on hazardous substances and raw material bans(p.31)
- • Volatile macroeconomic conditions and domestic economic slowdown risk(p.59)
- • Natural disasters, pandemics and geopolitical instability disrupting operations(p.60)
- • Stringent environmental and occupational health & safety regulations with compliance costs(p.51)
- • New labour code implementation creating increased compliance burdens(p.52)
- • Floating rate interest rate exposure increasing borrowing costs(p.57)
- • Indian rupee depreciation impacting foreign currency denominated borrowings(p.52)
- • Global financial instability and emerging market volatility affecting Indian markets(p.60)
- • Tax law changes and regulatory interpretation uncertainty impacting profitability(p.61)
- • Inflation pressures limiting ability to pass costs to customers(p.62)
- • Customer mining operations subject to stringent regulatory disruptions(p.51)
- • Volatility in commodity prices affecting mining capital expenditure(p.147)
- • COVID-19 pandemic impacts on supply chains and logistics(p.152)
- • Proposed royalty increases in Chile affecting mining economics(p.116)
- • Intense competition from multinational players(p.169)
- • Decline in India's mining sector contribution to GDP(p.115)
- • Copper production decline in Chile(p.116)
- • Regulatory compliance burden across multiple jurisdictions for manufacturing and environmental standards(p.170)
- • Environmental regulations requiring permits and compliance(p.171)
- • Hazardous waste management obligations(p.171)
- • Import-export regulatory constraints on operations(p.172)
- • Potential going concern issues in foreign subsidiary operations(p.216)
- • Foreign currency volatility impacting international operations(p.280)
- • Interest rate fluctuation on variable rate borrowings(p.277)
- • Credit risk from trade receivables and customer default(p.277)
- • Dependence on bank financing and credit facility covenants(p.260)
- • Liquidity risk dependent on cash flow projections and working capital management(p.278)
- • Cyclicality and volatility in global mining and mineral processing sectors(p.324)
- • Foreign exchange fluctuation exposure across multiple currencies(p.326)
- • Global supply chain disruptions and logistical bottlenecks(p.324)
- • Intense competition from international and local players globally(p.325)
- • Dependence on third-party logistics providers for delivery(p.25)
- • Volatility in global commodity prices and input material costs(p.325)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Madan Mohan Mohanka | Promoter | 13.07% | — |
| Manju Mohanka | Promoter | — | — |
| Manish Mohanka | Promoter | 11.98% | — |
| Mehul Mohanka | Promoter | 3.02% | — |
| Nihal Fiscal Services Private Limited | Promoter | 55.14% | — |
| Madan Mohan Mohanka | Promoter | 13.07% | 8.06% |
| Mehul Mohanka | Promoter | 3.02% | 3.02% |
| Manish Mohanka | Promoter | 11.98% | 10.97% |
| NFSPL | Promoter | 55.14% | 55.14% |
| Marudhar | Promoter Group | 1.96% | 1.96% |
| Madan Mohan Mohanka | Promoter | — | — |
| Manju Mohanka | Promoter | — | — |
| Manish Mohanka | Promoter | — | — |
| Mehul Mohanka | Promoter | — | — |
| Wagner Limited | Promoter Group | — | — |
| Madan Mohan Mohanka | Promoter | — | — |
| Manju Mohanka | Promoter | — | — |
| Manish Mohanka | Promoter | — | — |
| Mehul Mohanka | Promoter | — | — |
| Nihal Fiscal Services Private Limited | Promoter Group | 55.14% | — |
| Nihal Fiscal Services Private Limited | Ultimate holding company | 63.46% | — |
| Mr Madan Mohan Mohanka | Promoter | 15.04% | — |
| Mr Manish Mohanka | Promoter | 13.79% | — |
| Madan Mohan Mohanka | Promoter | — | — |
| Manju Mohanka | Promoter | — | — |
| Manish Mohanka | Promoter | — | — |
| Mehul Mohanka | Promoter | — | — |
| Wagner Limited | Promoter Group | — | — |
| Madan Mohan Mohanka | Promoter | — | — |
| Manish Mohanka | Promoter | — | — |
| Wagner Limited | Investor Selling Shareholder | — | — |
| Madan Mohan Mohanka | Promoter Selling Shareholder | — | — |
| Manish Mohanka | Promoter Selling Shareholder | — | — |
| Wagner Limited | Investor Selling Shareholder | — | — |
Leadership
Madan Mohan Mohanka · Chairman
Mehul Mohanka · Managing Director
Manoj Kumar Agarwal · Chief Financial Officer
Sudipta Bhowal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Tega Industries IPO FAQs
What is the lot size of Tega Industries IPO?
The minimum lot size of Tega Industries IPO is 33 shares. One lot costs ₹14,949 at the cut-off price.
When does Tega Industries IPO open and close?
Tega Industries IPO opened for subscription on 01 Dec 2021 and closed on 03 Dec 2021.
What is the listing date of Tega Industries IPO?
Tega Industries IPO listed on 13 Dec 2021.