IPO
Packaging products maker Shree Tirupati Balajee Agro’s IPO subscribed 125X
The initial public offering (IPO) of Shree Tirupati Balajee Agro Trading received an overall subscription standing at nearly 124 times. The company has fixed a price band of INR 78-83 for the public offer. The IPO comprised a fresh issue of equity shares worth INR 122.42 crore and an offer for sale of 56,90,000 equity shares aggregating INR 47.22 crore by existing shareholders.The strongest demand came from non-institutional investors at 210 times, followed by institutional investors, whose category was booked nearly 151 times. The portion reserved for retail investors was subscribed 72.4 times.The proceeds from the fresh issue will be used for debt repayment, investment in the subsidiaries HPPL, STBFL, and JPPL, repaying borrowings, meeting incremental working capital requirements, and general corporate purposes.Ahead of the IPO, the firm had raised INR 50.89 crore from anchor investors. The board allotted 61.32 lakh shares at Rs 83 each to 6 anchor investors.Shree Tirupati Balajee is engaged in the business of manufacturing and selling flexible intermediate bulk containers (FIBCs) - large flexible bags and other industrial packaging products such as woven sacks, woven fabric, and narrow fabric tapes in the domestic aas well as overseas markets.
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