Sep 5, 2024
By: Sourabh Jain
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Madhya Pradesh-based Shree Tirupati Balajee Agro Trading’s initial public offering (IPO) is now open and will close on Monday, September 9.
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Shree Tirupati Balajee Agro Trading has fixed a price band of ₹78-₹83 per share for its public issue.
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Shree Tirupati Balajee Agro Trading is a Madhya Pradesh-based manufacturer and seller of flexible intermediate bulk containers (FIBC) and other industrial packaging solutions.
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Shree Tirupati Balajee Agro Trading is looking to raise ₹169.65 crore from the current IPO. This includes a fresh issue of ₹122.43 crore and an offer for sale (OFS) component of ₹47.23 crore.
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Investors can bid for a minimum of 180 shares and in multiples of 180 shares thereafter.
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The company, founded in 2001 currently operates five manufacturing units and sells its products in both the Indian and overseas markets.
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The company’s income was ₹552.82 crore in FY24, up from ₹478.14 crore in FY23. The company reported a profit of ₹36.07 crore in FY24, up from ₹20.72 crore profit reported in FY23.
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A major part of the company’s revenue comes from exports. Any restrictions on exports or changes to its international orders may have an adverse impact on the company’s business.
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The funds raised will be used for repayment of borrowings, investment in subsidiaries, working capital nedds and general corporate purposes.
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