Shree Tirupati Balajee Agro Trading IPO Opens Sep 5 - Rs 78-83/share

New Delhi, Sep 2 (PTI) Shree Tirupati Balajee Agro Trading Company Ltd on Monday fixed a price band of Rs 78-83 per share for its nearly Rs 170-crore initial share sale.

The Initial Public Offering (IPO) will open for public subscription on September 5 and conclude on September 9, the company said in a statement.

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.

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

Proceeds from the fresh issue will be used for payment of debt, investment in subsidiaries, supporting capital requirements and for general corporate purposes.

Shree Tirupati Balajee Agro Trading Company is engaged in the business of manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) such as 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.

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

Shree Tirupati Balajee Agro 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.

The company's consolidated revenue from operations increased by 13.51 per cent to Rs 539.66 crore for fiscal 2024 from Rs 475.43 crore in the preceding fiscal and Profit After Tax surged by 74.11 per cent to Rs 36.07 crore for the financial year 2024 from Rs 20.71 crore in the previous fiscal.

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