Shree Tirupati Balajee Agro IPO subscribed 18.16 times

The offer received bids for 25.98 crore shares as against 1.43 crore shares on offer.

The initial public offer (IPO) of Shree Tirupati Balajee Agro Trading Company received 25,98,48,180 bids for shares as against 1,43,08,000 shares on offer, according to stock exchange data at 17:00 IST on Friday (6 September 2024). The issue was subscribed 18.16 times.

The issue opened for bidding on Thursday (5 September 2024) and it will close on Monday (9 September 2024). The price band of the IPO was fixed between Rs 78 to 83 per share. An investor can bid for a minimum of 180 equity shares and in multiples thereof.

The IPO comprises fresh issue of equity shares worth up to Rs 122.42 crore and an offer for sale of 56,90,000 equity shares aggregating up to Rs 47.22 crore by existing shareholders.

The company proposes to utilize the net proceeds from the fresh issue towards repayment and/or prepayment, in part or full, of certain of its outstanding borrowings availed by the company. Investment in its subsidiaries HPPL, STBFL and JPPL for repayment and/or prepayment, in part or full, of certain of outstanding borrowings availed.

Further, the firm will also utilize the proceeds for funding the incremental working capital requirements of the company; investment in its subsidiaries HPPL, STBFL and JPPL for funding working capital requirements and general corporate purposes.

Ahead of the IPO, Shree Tirupati Balajee Agro Trading Company on Wednesday, 4 September 2024, raised Rs 50.89 crore from anchor investors. The board allotted 61.32 lakh shares at Rs 83 each to 6 anchor investors.

Shree Tirupati Balajee Agro Trading Company is engaged in the business of manufacturing and selling of Flexible Intermediate Bulk Containers (FIBCs) i.e. large flexible bags and other industrial packaging products such as woven sacks, woven fabric and narrow fabric, tapes in the Indian domestic market and overseas.

The company offer customised products and cater to the bulk packaging solutions of our clients from diverse industries like chemicals, agrochemicals, food mining, waste disposal industry, agriculture industry, lubricants and edible oil by supplying them our FIBC products for transportation purposes and their packaging requirement. It provides a labor-saving alternative for packaging and transportation, making loading and unloading of vessels, containers, or trucks more efficient.

The company has the largest retail footprint in Eastern India compared to other listed value retailers in Fiscal 2024. As of 31 March 2024, it operated 162 stores across more than 1.47 million square feet in 146 cities. The majority of its stores are operated under the brand name Style Bazaar.

The firm reported a consolidated net profit of Rs 36.07 crore and revenue from operations of Rs 539.66 crore for the twelve months ended on 31 March 2024.

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