Shree Tirupati Balajee Agro Trading Company Limited raises Rs. 50.89 crore from Anchor Investors

Mumbai, September 04, 2024: Shree Tirupati Balajee Agro Trading Company Ltd, engaged in the business of manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) i.e. large flexible bags and other industrial packaging products such as woven sacks, woven fabric, and narrow fabric, tapes in the Indian domestic market and overseas, has garnered Rs. 50.89 crores from anchor investors ahead of its initial public offering that opens for public subscription on Thursday, September 5, 2024. The company informed the bourses that it allocated 61,32,000 equity shares at Rs. 83 per share on Wednesday, September 04, 2024, to anchor investors.

Institutions who participated in the anchor were NAV Capital VCC – NAV Capital Emerging Star Fund, Chanakaya Opportunities Fund I, Next Orbit Growth Fund III, Saint Capital Fund, Steptrade Revolution Fund and Astorne Capital VCC – Arven.

PNB Investment Services Limited, and Unistone Capital Private Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

The IPO consists of Fresh Issue of up to 1,47,50,000 equity shares and an Offer for Sale (“OFS”) of up to 56,90,000 equity shares by Binod Kumar Agarwal.

The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Thursday, September 5, 2024, and closes on Monday, September 9, 2024. The price band for the Offer has been determined at Rs 78 – Rs 83 per equity share.

The IPO will fetch Rs 169.65 crore at the upper end of the price band.

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

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the offer Shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.