Shree Tirupati Balajee Agro IPO Listing: Shree Tirupati Balajee Agro Trading Company (STBATCL) on Thursday made a muted stock market debut muted as its shares were listed at Rs 92.90 on the NSE, a premium of 11.93 per cent over its issue price of Rs 83. On the BSE, the shares of the packaging solutions maker were listed with a premium of 8.43 per cent at Rs 90.
The initial public offering (IPO) of Shree Tirupati Balajee Agro Trading Company, which was opened between September 5 and September 9, received a massive 124.74 times subscription. The nearly Rs 170-crore IPO received bids for 1,78,48,29,420 shares against 1,43,08,000 shares on offer.
The Shree Tirupati Balajee IPO listing is below the expectations as the company was commanding a GMP of Rs 27-30 per share or around 32-35 per cent premium.
Shree Tirupati Balajee Agro Trading Company Ltd has fixed a price band of Rs 78-83 per share for its initial share sale.
The IPO consisted 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 general corporate purposes.
Shree Tirupati Balajee Agro Trading Company is engaged in the business of manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) like 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.
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