TGIF Agribusiness share price makes a bumper debut, stock opens with 61% premium at ₹150 on BSE SME
₹150, which is 61.29% higher than the issue price of ₹93. However, after a positive debut, the stock was locked in 5% lower circuit. TGIF Agribusiness IPO opened for subscription on Wednesday, May 8, and closed on Friday, May 10.
The issue's price band was fixed at ₹93 per share. The IPO lot size for TGIF Agribusiness was 1,200 shares. The company is essentially a horticultural business that engages in open farming of specific fruits and vegetables, as stated in the prospectus.
The farmland owned by the corporation spans more than 110 acres and is located close to three villages: Ajari, Kasindra, and Kojra. These villages are all part of the Pindwara tehsil in the district of Sirohi, Rajasthan. As stated in the prospectus, the company's (P/E of 13.57) listed peers are Raghuvansh Agrofarms Ltd (with a P/E of 110.74), and Bangalore Fort Farms Ltd (with a P/E of 59.92).
Between March 31, 2022, and March 31, 2023, TGIF Agribusiness Limited's profit after tax (PAT) climbed by 12.63% and its revenue increased by 12.14%. TGIF Agribusiness IPO, worth ₹6.39 crore, consists of a fresh issue of 6,87,600 equity shares with a face value of ₹10. There is no offer-for-sale component.
The company intends to use the issue's proceeds for the following purposes: general corporate purposes, working capital requirements, and the purchase of irrigation systems and agricultural equipment. The registrar for the TGIF Agribusiness IPO is Bigshare Services Pvt Ltd, and the book running lead manager is Hem Securities Limited. Hem Finlease is the market maker for the TGIF Agribusiness IPO.
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