Tirupati Balajee Agro Trading IPO sails through on first day of bidding process. Check GMP, other details
The strongest demand was driven by retail investors, who subscribed 4.5 times followed by qualified institutional buyers (QIBs), with 3.5 times subscriptions. Meanwhile, the non-institutional investors (NIIS) had bid for 46.13 lakh shares out of 30.66 lakh reserved for them, booking the issue 1.5 times.
Meanwhile, the current grey market premium (GMP) for Tirupati Balajee Agro Trading is Rs 17, declining from Rs 21 on Wednesday and representing a 20.5% premium in the unlisted market.
The issue, which is a combination of a fresh equity sale of 1.47 crore shares worth Rs Rs 122 crore and an offer for sale (OFS) of up to 56.9 lakh shares, closes on September 9. About 50% of the public offer is reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
The proceeds from the fresh issue will be used for debt repayment, investment in the subsidiaries HPPL, STBFL and JPPL, to repay borrowings, to fund working capital requirements and general corporate purposes.
Shree Tirupati Balajee Agro Trading IPO price band
The company has fixed a price band of Rs 78-83 for the public offer, where investors can bid for 180 shares in one lot and in multiples thereafter.
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Shree Tirupati Balajee Agro Trading IPO review
Analysts advised investors should carefully assess the company's debt-to-equity ratio and can subscribe to the issue from a long-term perspective.
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