The Shree Tirupati Balajee Agro IPO opened for subscription on September 5, 2024, with a price band of ₹78-83 per share. The IPO aims to raise ₹169.65 crore, including a fresh issue of ₹122.42 crore and an offer for sale of ₹47.23 crore. Investors can bid for a minimum of 180 shares per lot, with a maximum of 13 lots for retail investors.
The IPO has already seen strong demand, with an overall subscription of 5.05 times as of the first day. The retail portion is particularly oversubscribed at 6.35 times, while institutional investors subscribed at 4.42 times. The company’s shares are expected to be listed on the NSE and BSE on September 12, 2024.
In terms of financial performance, Shree Tirupati Balajee Agro has shown growth, with revenue rising from ₹343.76 crore in FY21 to ₹539.66 crore in FY24, alongside improved profit margins from 3.50% to 6.68%. The IPO’s grey market premium (GMP) surged to ₹15 per share on September 5, indicating a positive market sentiment toward the listing.
The company’s products, including flexible industrial packaging materials, have a wide export base, reaching over 38 countries, which positions it well for further growth.
Considering the reasonable pricing and solid financials, many analysts view the IPO favorably for long-term investment.
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