The Shree Tirupati Balajee Agro Trading Company public issue on the second day of bidding on Friday, September 6 was subscribed to 18.17 per cent.
The IPO opened for subscription on September 5, 2024, and will close on September 9, 2024 and the price band for the public issue is set between Rs 78 to Rs 83 per share.
Investor Interest Peaks on Day 2
The company's public issue received bids for 25.99 crore shares, well above the 1.43 crore shares on offer.
Retail investors led the charge, with their portion being subscribed 21.42 times, while the non-institutional investors' portion saw 28.56 times subscriptions on the second day or Day 2 of bidding.
The company’s shares are anticipated to be listed on the NSE and BSE on September 12. | Representaive Image/Canva
Furthermore, the Qualified Institutional Buyers (QIB) portion was subscribed at a rate of 4.69 times.
Pre-Issue Anchor Investment of Rs 50.89 Crore
A day before the IPO opening, the company managed to receive Rs 50.89 crore from anchor investors. The key institutional participants included NAV Capital VCC, Chanakaya Opportunities Fund, Next Orbit Growth Fund, and Steptrade Revolution Fund.
The company’s shares are expected to be listed on the NSE and BSE on September 12.
About the company
Shree Tirupati Balajee Agro Trading Company is engaged in manufacturing Flexible Intermediate Bulk Containers (FIBCs) - large flexible bags used for industrial packaging.
These bags are essential for transporting chemicals, food products, and agricultural goods. The company also produces woven sacks, narrow fabric, and tapes, catering to diverse sectors such as agrochemicals, mining, and waste disposal.
Financial Highlights
- Revenue increased by 15 per cent, reaching Rs 552.82 crore, up from Rs 478.14 crore in FY23.
- Profit-after-tax (PAT) soared by 74 per cent, climbing to Rs 36.07 crore from Rs 20.72 crore.
- The company's net worth rose by 57 per cent, from Rs 110.21 crore in FY23 to Rs 173.07 crore in FY24.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
