Considering the upper price band of Rs 83, the stock is expected to trade at a healthy premium of 30% over the issue price.
However, it is important to note that grey market premiums are only one indicator of how a company’s shares compare in the over-the-counter market and are subject to change rapidly.
Shree Tirupati Balajee Agro Trading’s initial public offering (IPO) received an overwhelming response from investors with an overall subscription of 124 times at closing.
The proceeds of the fresh issue will be utilised for repayment of debt, investment in subsidiaries HPPL, STBFL and JPPL for repayment of borrowings, incremental working capital requirements, financing of working capital requirements and general corporate purposes.
Shree Tirupati Balajee is engaged in the business of manufacturing and selling Flexible Intermediate Bulk Containers (FIBC) i.e. Flexible Big Bags and other industrial packaging products like Woven Sacks, Woven Fabrics and Narrow Fabric Tapes in the domestic market of India and abroad. Also Read: Gujarat’s largest office space provider DevX plans to raise Rs 125 crore in fresh capital ahead of its IPOIt offers customized products and caters to the bulk packaging solutions of its customers from various industries like Chemicals, Agrochemicals, Food Mining, Waste Disposal Industry, Agricultural Industry, Lubricants and Edible Oil by providing FIBC products for transportation purposes and their packaging requirements.
The company is a market leader in FIBC and industrial packaging and has a strong financial performance with consistent growth and improving margins.
Its consolidated revenue from operations rose 13% to Rs 540 crore in FY24, mainly due to higher revenue from domestic product sales. Profit after tax rose 74% to Rs 36 crore in the same period.
PNB Investment Services and Unistone Capital acted as lead book-running managers, while Link Intime India was the registrar to the offer.
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