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Shree Tirupati Balajee Agro Ltd.'s initial public offering was subscribed 2.16 times as of 12:12 p.m. after it opened for subscription on Thursday. The IPO for the company will remain open till Sept. 9 and consists of a fresh issue of up to 1,47,50,000 equity shares and an offer for sale of up to 56,90,000 equity shares.
A price band of Rs 78 to Rs 83 per share was set for the three-day issue. The market value at the upper end of the price band is Rs 169.65 crore.
Investors can bid for a minimum of 180 shares and in multiples of 180 shares thereafter, according to a statement released by the company. The company raised Rs 50.9 crore from anchor investors a day ahead of its public offering, by allotting 61 lakh shares at Rs 83 apiece to six investors.
Investors can expect the allotment of shares to be finalised on Sept. 10, with the listing on the BSE and the National Stock Exchange scheduled for Sept. 12.
Issue Details
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Issue opens: Sept. 5.
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Issue closes: Sept. 9.
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Issue price: Rs 78-83 per share.
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Total issue size: Rs 169.65 crore.
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Fresh issue: Rs 122.43 crore.
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Offer for sale: Rs 47.23 crore.
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Bid lot: 180 shares.
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Listing: BSE and NSE.
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Business
Shree Tirupati Balajee Agro specialises in customised FIBC products for industries such as chemicals, agrochemicals, food, mining, and waste disposal, among others catering to transportation and packaging needs.
The company is a three-star export house operating for over 20 years. It currently operates through five manufacturing units.
Shree Tirupati Balajee Agro Trading’s revenue rose by 13.51% to Rs 539.66 crore for fiscal 2024, as compared to Rs 475.43 crore for fiscal 2023. It posted a 74.11% rise in the profit to Rs 36.07 crore in the financial year 2024 as compared to Rs 20.71 crore for the financial year 2023.
Use Of Proceeds
Rs 31.45 crore from the fresh issue will be utilised to repay a part of the existing debt of the company, while Rs 20.82 crore will be invested in the company's multiple subsidiaries to repay their existing debt.
The three-star export house will avail Rs 13.50 crore to fund its capital requirements and will invest Rs 10.74 crore in its subsidiaries to fund working capital requirements.
Shree Tirupati Balajee Agro: Subscription Status
The IPO has been subscribed 2.16 times as of 12:12 p.m. on Thursday.
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Non-institutional investors: 1.20 times.
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Retail investors: 3.81 times.
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