Shares of Shree Tirupati Balajee Agro Trading Company Ltd debuted on the Bombay Stock Exchange (BSE) at ₹92.90, reflecting a 12% premium over the issue price of ₹83 per share on September 12. Despite a decent start, the listing gains fell short of grey market expectations, where the shares were trading at a 33% premium before the IPO.
The company’s ₹169.65 crore public offer, a mix of fresh issue and an offer for sale, received a strong response from investors, with the IPO being subscribed 124.74 times overall. Retail investors subscribed 73.22 times, while Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) subscribed 150.87 and 210.12 times, respectively.
Shree Tirupati Balajee, founded in 2001, manufactures Flexible Intermediate Bulk Containers (FIBCs) and other industrial packaging products. The company plans to use the proceeds from the IPO for debt repayment, working capital needs, and general corporate purposes.
The Madhya Pradesh-based company secured ₹50.9 crore from six institutional investors through the anchor book, including NAV Capital Emerging Star Fund and Chanakya Opportunities Fund I.
