Shree Tirupati Balajee Agro IPO Oversubscribed 124.74 Times

New Delhi, Sep 9 (PTI) The initial share sale of Shree Tirupati Balajee Agro Trading Company received a massive 124.74 times subscription on the closing day of bidding on Monday.

The nearly Rs 170-crore initial public offer (IPO) received bids for 1,78,48,29,420 shares against 1,43,08,000 shares on offer, as per NSE data.

The quota for non-institutional investors was subscribed a whopping 210.12 times while the portion for qualified institutional buyers (QIBs) received 150.87 times subscription. The category for retail individual investors (RIIs) garnered 73.22 times bidding.

The initial public offer of Shree Tirupati Balajee Agro Trading Company received 6.36 times subscription on the first day of bidding on Thursday.

Shree Tirupati Balajee Agro Trading Company Ltd has fixed a price band of Rs 78-83 per share for its initial share sale.

The IPO consists of 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.

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