Bidding for Shree Tirupati Balajee Agro IPO began on Thursday, September 5 and the process will be open till September 9, 2024. Before the bid began, the company garnered Rs 50.89 crore from 6 anchor investors on September 4. They picked up the shares at Rs 83 each. The IPO proceeds will be used for retiring debt (Rs 52.27 crore) and to fund working capital requirements (Rs 24.24 crore) and general corporate purposes.
Madhya Pradesh-based Shree Tirupati Balajee Agro has 5 factories where it manufactures large flexible bags and different industrial packaging products that are consumed by agriculture, chemicals, agrochemicals, food, mining, waste disposal, lubricants and edible oil.
Issue size, price band, lot size
Each equity share has been priced at Rs 78-83 per share. The company wants to mop up Rs 169.65 crore by selling Rs 2.04 crore equity shares, of which 1.47 crore shares will be through fresh issue and 0.569 crore through OFS. Retail investors can bid for a minimum of 180 equity shares and in multiples of 180 shares, which means the minimum investment will be Rs 14,940.
GMP
According to investorgain, the GMP stood at Rs 35 on September 5, which indicates a listing gain of 42.17%. However, it must be remembered that GMP is an unofficial estimate and usually varies from day to day.
Imporant dates
While the bidding process closes on September 9, the allotment will be finalised on September 10, 2024. The process of refund will be initiated on September 11 and the listing will take place on September 12. The mainboard IPO will list both on BSE and NSE.
Financials
The revenue of the company in FY24, FY23 and FY22 was Rs 552.82 crore, Rs 478.14 crore and Rs 453.79 crore respectively. The net profit figures for these 3 years were Rs 36.07 crore, 20.72 crore and 13.66 crore. The total loans Shree Tirupati Balajee Agro were recorded at Rs 243.69 crore, Rs 223.81 crore and Rs 240.06 crore that has prompted the management to utilise a significant portion of the IPO money on extinguishing accumulated debt.
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This Madhya Pradesh-based company wants to raise funds for extinguishing debt and meet working capital needs. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
