The initial public offering of Shree Tirupati Balajee Agro Trading Co. was subscribed 124.75 times on the third and final day on Monday. It was subscribed 15.16 times on its second day of subscription and 6.36 times on the first day.
The IPO consisted of a fresh issue of up to 1.48 crore equity shares and an offer for sale of up to 56.9 lakh equity shares. The price band was Rs 78 to Rs 83 per share. The market value at the upper end of the price band is Rs 169.7 crore.
The company raised Rs 50.9 crore from anchor investors a day ahead of its IPO, by allotting 61 lakh shares at Rs 83 apiece to six investors.
Investors can expect the allotment of shares to be finalised on Tuesday, with the listing on the BSE and the National Stock Exchange scheduled for Thursday.
Issue Details
Issue opens: Sept. 5.
Issue closes: Sept. 9.
Issue price: Rs 78–83 per share.
Total issue size: Rs 169.7 crore.
Fresh issue: Rs 122.4 crore.
Offer for sale: Rs 47.2 crore.
Bid lot: 180 shares.
Listing: BSE and NSE.
Business
Tirupati Balajee Agro specialises in customised FIBC products for industries such as chemicals, agrochemicals, food, mining, and waste disposal, 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.
Tirupati Balajee Agro's revenue rose 14% to Rs 539.7 crore in the last financial year as compared to Rs 475.4 crore for fiscal 2023. It posted a 74% rise in the profit to Rs 36.1 crore in fiscal 2024 as compared to Rs 20.7 crore in the previous fiscal.
Use Of Proceeds
From the fresh issue, Rs 31.5 crore will be utilised to repay a part of the existing debt of the company, while Rs 20.8 crore will be invested in its multiple subsidiaries to repay their existing debt.
The export house will avail Rs 13.5 crore to fund its capital requirements and will invest Rs 10.7 crore in its subsidiaries to fund working capital requirements.
Shree Tirupati Balajee Agro IPO Subscription Status
The IPO has been subscribed 124.75 times as on 5:30 p.m. on Monday.
Qualified institutional buyers: 150.87 times
Non-institutional investors: 210.12 times.
Retail investors: 73.22 times.
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