Shree Tirupati Balajee Agro IPO subscribed 6.36x on Day-1

New Delhi: The initial public offer of Shree Tirupati Balajee Agro Trading Company received 6.36 times subscription on the first day of bidding on Thursday.

The nearly Rs170-crore initial share sale got bids for 9,09,66,420 shares against 1,43,08,000 shares on offer, as per NSE data. The portion meant for Retail Individual Investors (RIIs) garnered 7.92 times subscription while the quota for non-institutional investors got subscribed 5.25 times. The category for Qualified Institutional Buyers (QIBs) received 4.46 times subscription. The Initial Public Offering (IPO) will conclude on September 9. Shree Tirupati Balajee Agro Trading Company Ltd has fixed a price band of Rs78-83 per share for its initial share sale.

The IPO consists of a fresh issue of 1.47 crore equity shares and an Offer for Sale (OFS) of up to 56.90 lakh equity shares by Binod Kumar Agarwal. Proceeds from the fresh issue will be used for payment of debt, investment in subsidiaries, supporting capital requirements and for general corporate purposes.

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

The company offers customised products and caters to the bulk packaging solutions of its clients from diverse industries like chemicals, agrochemicals, food mining, waste disposal industry, agriculture industry, lubricants and edible oil by supplying FIBC products for transportation purposes and their packaging requirements. PNB Investment Services and Unistone Capital are the book-running lead managers to the issue.