Shree Tirupati Balajee IPO subscribed 11 times on day 2: Check dates, price, latest GMP

Shree Tirupati Balaji IPO : The Shree Tirupati Balajee Agro Trading Company Limited IPO started off on a good note with the issue subscribed 11.02 times as on 12:30 pm, Friday, the second day of its opening. It saw retail investors leading from the front, with this portion subscribed 14.62 times. NII and QIB portions got booked 13.87 and 4.48 times, respectively.

The IPO , a book-built issue, would raise Rs 169.65 crores comprising a fresh issue of 1.48 crore shares aggregating Rs 122.43 crores and an offer for sale of 0.57 crore shares aggregating Rs 47.23 crores. The price band of the IPO has been fixed between Rs 78 and Rs 83 per share with a minimum lot size of 180 shares. Thus, retail investors would have to invest at least Rs 14,940. Similarly, larger investments are meant for HNIs, with minimum bids for sNII and bNII at Rs 209,160 and Rs 1,000,980, correspondingly.

Strong Interest by Investors in Shree Tirupati Balajee

For investors, Shree Tirupati Balajee is comparatively a very attractive case, as it has been regarded as one of the pioneering companies and a leading manufacturer of Flexible Intermediate Bulk Containers along with other industrial packaging products. The revenues come through its presence across the globe, customisation of bulk packaging product for various industry sectors such as chemicals, agrochemicals, food, mining, waste disposal, agriculture, lubricants, and edible oil.

On the opening day of bidding, the company received 9.10 crore share applications against the offer for subscription of 1.43 crore shares. The IPO shall remain open for subscription till September 9, 2024 and the shares are likely to be listed on BSE and NSE on September 12, 2024.

Allotment and Listing Dates

The allotment is likely to finalise on September 10, 2024. The refunds are expected to commence on September 11 and simultaneously, the shares will be credited in the investor's Demat account. Public listing will happen on September 12, 2024.

Shree Tirupati Balajee IPO Latest GMP

As of 11:25 am, September 6, the grey market premium (GMP) of Shree Tirupati Balajee IPO stood at Rs 40. According to the latest GMP, the estimated listing price of Shree Tirupati Balajee IPO is Rs 123 apiece (cap price + latest GMP), a gain of 48..19 per share.

Use of Proceeds

The company proposes to use the net proceeds from the fresh issue in the repayment and / or prepayment of borrowings outstanding in addition to financing incremental working capital requirements.. The proceeds would also be utilised to finance investments by it in its subsidiaries, namely Honourable Packaging Private Limited (HPPL), Shree Tirupati Balajee FIBC Limited (STBFL), and Jagannath Plastics Private Limited (JPPL), to finance their growth.