Shree Tirupati Balajee Agro Trading IPO Sees Massive Demand

The Shree Tirupati Balajee Agro Trading Company IPO saw significant investor interest, being subscribed 18.16 times by day two. The near Rs 170-crore share sale received bids for over 25 crore shares against an offer of 1.43 crore shares. The IPO, aimed at paying debt and funding growth, closes on September 9.

The initial public offering (IPO) of Shree Tirupati Balajee Agro Trading Company witnessed substantial investor demand, with the subscription rate hitting 18.16 times by the second day on Friday.

According to the data provided by NSE, the nearly Rs 170-crore IPO received bids for 25,98,48,180 shares, far surpassing the 1,43,08,000 shares available. The segment for non-institutional investors was oversubscribed 28.56 times, while retail individual investors (RIIs) subscribed 21.40 times and qualified institutional buyers (QIBs) saw a 4.69 times subscription rate.

On the first day of bidding, the IPO was subscribed 6.36 times. Concluding on September 9, the IPO is priced between Rs 78-83 per share. Proceeds from the fresh issue of 1.47 crore equity shares, along with the offer-for-sale of up to 56.90 lakh shares by Binod Kumar Agarwal, will be utilized for debt repayment, investments in subsidiaries, capital requirements, and general corporate purposes.

Shree Tirupati Balajee Agro Trading Company manufactures and sells Flexible Intermediate Bulk Containers (FIBCs) and other packaging products, catering to industries including chemicals, agriculture, and food. PNB Investment Services and Unistone Capital are the lead managers for the issue.

(With inputs from agencies.)