Shree Tirupati Balajee Agro Shares Surge 17.50% on Market Debut

New Delhi, Sep 12 (PTI) Shares of Shree Tirupati Balajee Agro Trading Company Ltd ended with a premium of 17.50 per cent against the issue price of Rs 83 on Thursday.

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

At the NSE, it began the trade at Rs 90, rallying 8.43 per cent. The stock ended at Rs 94.50 -- its upper circuit limit --, reflecting a jump of 13.85 per cent.

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 initial public offer (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, 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.