Shree Tirupati Balajee Agro Trading's IPO Debut Surges by 17.50%

Shares of Shree Tirupati Balajee Agro Trading Company Ltd closed with a 17.50% premium against its issue price of Rs 83. Both BSE and NSE saw strong gains in stock price, ending the day at their upper circuit limits. The IPO received 124.74 times subscription.

Shares of Shree Tirupati Balajee Agro Trading Company Ltd ended with a premium of 17.50 percent against the issue price of Rs 83 on Thursday.

The stock listed at Rs 92.90, reflecting a jump of 11.92 percent from the issue price on the BSE. Shares of the firm ended at Rs 97.54 -- its upper circuit limit, surging 17.51 percent.

At the NSE, it began the trade at Rs 90, rallying 8.43 percent. The stock ended at Rs 94.50 -- its upper circuit limit, reflecting a jump of 13.85 percent. The company's market valuation stood at Rs 795.64 crore. In traded volume terms, 17.06 lakh shares of the firm were traded at the BSE and 35.83 lakh shares at the NSE during the day.

The initial share sale of Shree Tirupati Balajee Agro Trading Company received 124.74 times subscription on the closing day of bidding on Monday. The nearly Rs 170-crore IPO had a price band of Rs 78-83 per share. The IPO had 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.

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.

(With inputs from agencies.)