BSE SME IPO of TGIF Agribusiness subscribed 1.38 times

The offer received bids for 9.55 lakh shares as against 6.87 lakh shares on offer.

The initial public offer (IPO) of TGIF Agribusiness received bids for 9,55,200 shares as against 6,87,600 shares on offer, as per BSE data as of 17:00 hours on Wednesday, (08 May 2024). The issue was subscribed 1.38 times.

The issue opened for bidding on Wednesday, (08 May 2024) and it will close on Friday, (10 May 2024). The price of the IPO is fixed at Rs 93 per share. The minimum order quantity is 1,200 equity shares. The equity shares will list on BSEs SME platform.

The IPO comprises fresh issue of 6,87,600 equity shares. The promoter and promoter group shareholding will dilute to 73.28% from 99.80% Pre-IPO.

About 34,800 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 6,52,800 equity shares. The issue and the net issue will constitute 26.57% and 25.23% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirements of the company, purchase of agricultural equipments & irrigation system and general corporate purposes.

TGIF Agribusiness is primarily a horticulture company engaged in open farming of fruits and vegetables. With over 110 acres of farm land in three villages in Pindwara, Rajasthan. The main crop is pomegranate, which contributes over 95% of its revenue. The company also cultivates dragon fruits and Sagwan trees. In the last three financial years, TGIF Agribusiness has harvested lemon, water melon, and chilly, in addition to pomegranate, which remains its main crop. As on 30 November 2023, the company has 8 employees.

The company recorded revenue from operations of Rs 1.70 crore and net profit of Rs 0.81 crore for the period as on 30 November 2023.

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