Calcutta-based Tega Industries drew a massive response to its initial public offering (IPO) with the share float being subscribed over 219 times. Of this, the portion reserved for qualified institutional buyers (QIB) was subscribed over 215 times —the highest seen in a decade.

The mining equipment and mineral benefications firm had fixed a price band of Rs 443-453 per share for the offering which closed for subscription on Friday.

The IPO was entirely an offer for sale (OFS) of up to 1,36,69,478 shares by the selling shareholders. Several brokerages had advised investors to subscribe to the issue citing its strong market position and high entry barriers. While the IPO was fully subscribed on the opening day itself, the company had also raised Rs 186 crore from anchor investors.

The strong response to its IPO comes only a day after Star Health’s IPO garnered an overall subscription of 79 per cent. With the Tega Industries IPO currently seeing a grey market premium (GMP) of Rs 410 (according to IPO Watch), investors getting allotment can expect good listing gains.

As of 5pm on Friday, against 95,68,636 shares on offer, the IPO received bids for 2,09,58,69,600 thus showing a subscription of 219.04 times. Of this, the portion reserved for QIBs saw bids for 58,90,17,198 shares compared to 27,33,896 shares reserved, a subscription ratio of over 215 times.

There was huge response among non-institutional investors with this segment witnessing subscription of 666 times. This is because against 20,50,422 shares meant for this category, bids were received for 1,36,59,78,966 shares. The retail portion saw subscription 29 times as they bid for 14,08,73,436 shares against 47,84,318 shares reserved.