Shree Tirupati Balajee Agro Shares List At 12% Premium Over Issue Price

Shares of Shree Tirupati Balajee Agro Trading Co. listed on the BSE at Rs 92.90, a premium of 11.9% over the issue price of Rs 83 apiece on Thursday. The stock debuted at Rs 90 per share on the National Stock Exchange, marking a premium of 8.4%.

The initial public offering of Shree Tirupati Balajee Agro Trading Co. to raise Rs 169.7 crore was subscribed 124.75 times on the third day, led by demand from qualified institutional buyers. 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 company specialises in customised FIBC products for industries such as chemicals, agrochemicals, food, mining, and waste disposal, catering to transportation and packaging needs.

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'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.