Shree Tirupati Balajee Agro Trading Sets Price Band For IPO At Rs 78 To Rs 83 Per Share
The IPO 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.
(Various machines used in the company)
Shree Tirupati Balajee Agro Trading Co. Ltd. has set the price band for its debut initial public offering in the range of Rs 78 to Rs 83 per share at a face value of Rs 10.
The IPO for the company will open from Sept. 5 to Sept. 9 and 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 IPO 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.
The proceeds received from fresh issues at Rs 31.45 crore will be utilised to repay some of the existing debts of the company, while Rs 20.82 crore will be invested in the company's multiple subsidiaries to repay their existing debts, it said.
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 their working capital requirements.
PNB Investment Services Ltd. and Unistone Capital Pvt. Ltd. are the book-running lead managers and Link Intime India Pvt. Ltd. is the registrar of the offer.
As an offer is being made through the bookbuilding process, up to 50% of it will be set aside for qualified institutional buyers, at least 15% will be for non-institutional bidders, and at least 35% will be reserved for retail individual bidders. The shares will be listed on both BSE and NSE.
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’s posted a 74.11% rise in profit to Rs 36.07 crore in financial year 2024 as compared to Rs 20.71 crore for the financial year 2023.
Earlier, the Securities and Exchange Board of India approved initial public offerings of Shree Tirupati Balajee Agro Trading and issued an observation letter for the company on July 12.
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.
