Shree Tirupati Balajee Agro Sets IPO Price Band at Rs 78-83

Shree Tirupati Balajee Agro Trading Company Ltd has fixed a price band of Rs 78-83 per share for its roughly Rs 170-crore IPO. The offering will be open for subscription from September 5 to September 9. The IPO includes a fresh issue and an offer for sale, with proceeds to be used for debt repayment, subsidiary investment, and general corporate purposes.

Shree Tirupati Balajee Agro Trading Company Ltd on Monday announced a price band of Rs 78-83 per share for its nearly Rs 170-crore initial share sale.

The Initial Public Offering (IPO) will be available for public subscription from September 5 to September 9, according to a company statement.

The IPO comprises 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.

At the upper end of the price band, the IPO size is pegged at Rs 169.65 crore.

Proceeds from the fresh issue will be used to repay debt, invest in subsidiaries, support capital requirements, and cover general corporate expenses.

Shree Tirupati Balajee Agro is involved in the manufacturing and selling of Flexible Intermediate Bulk Containers (FIBCs) and other industrial packaging products, with a market presence both domestically and internationally.

Investors can bid for a minimum of 180 equity shares and in multiples of 180 shares thereafter.

The company provides customized bulk packaging solutions for various industries, including chemicals, agrochemicals, food mining, waste disposal, agriculture, lubricants, and edible oil.

Shree Tirupati Balajee Agro's consolidated revenue increased by 13.51 per cent to Rs 539.66 crore for fiscal 2024, with Profit After Tax surging by 74.11 per cent to Rs 36.07 crore.

PNB Investment Services and Unistone Capital are the book-running lead managers for the issue.

(With inputs from agencies.)