Upcoming IPO: Shree Tirupati Balajee Offer Open For Bidding From Sep 5, Check Price Band And Details

The issue will be available for subscription for the public from September 5-9, 2024. The price band of the IPO has been set at Rs 78-83 per share

Investors will be allowed to place bids for a minimum of 180 equity shares and in multiples of thereafter.

Source : Groww

Shree Tirupati Balajee Agro Company is set to list its initial public offering (IPO) in the stock market next week. The company’s maiden offering will be the second initial share sale from the mainboard segment in September. 

The issue will be available for subscription for the public from September 5-9, 2024. Anchor investors will be allowed to bid for the issue on September 4, 2025. The price band of the IPO has been set at Rs 78-83 per share, reported Moneycontrol.

The maiden offering includes a fresh issue of 1.47 crore equity shares worth Rs 122.42 crore and an offer-for-sale (OFS) of 56.9 lakh equity shares coming up to Ts 47.23 crore. Promoter Binod Kumar Agarwal is providing the OFS. He controls a 88.38 per cent stake in the company, while the remaining 11.62 per cent is held by public shareholders.

The company plans to raise Rs 169.65 crore via the public listing of 2.04 crore equity shares at the upper price band. From these funds, about Rs 52.27 crore would be utilised towards the repayment of the debt, while Rs 24.24 crore would be set aside to cater to working capital requirements. The remaining money would be put towards general corporate purposed. The remaining money would be put towards general corporate purposed. As of May 2024, the firm held a liability of Rs 245.33 crore. 

Investors will be allowed to place bids for a minimum of 180 equity shares and in multiples of thereafter. The minimum amount a retail investor would need is Rs 14,940 per lot, while the upper limit of investment would be Rs 1,94,220 for 13 lots as they are allowed to pour in up to Rs 2 lakh in the IPO.

About half of the maiden offer has been set aside for qualified institutional buyers (QIBs), and 35 per cent reserved for retail investors. The remaining 15 per cent has been kept for non-institutional investors.