The initial public offering (IPO) of Shree Tirupati Balajee Agro Trading Company Limited has officially launched this week, offering investors a chance to buy shares in this bulk container manufacturing company. The IPO began on September 5, 2024, and will be open for bidding until September 9, 2024.
Shree Tirupati Balajee has set the price range for its IPO at ₹78 to ₹83 per share. The company aims to raise approximately ₹169.65 crore through this public offer. This amount includes both new shares being issued and an offer for sale (OFS). Specifically, ₹122.43 crore will come from new shares, while ₹47.23 crore is being raised through the OFS route.
As of early morning on the second day of the bidding process, the IPO has seen substantial interest. The overall subscription rate is 8.66 times the number of shares offered. Breaking it down further:
- The portion reserved for retail investors has been subscribed 11.29 times.
- The non-institutional investors’ segment (NII) has seen a subscription rate of 8.14 times.
- The qualified institutional buyers’ (QIB) portion is 4.46 times subscribed.
In the grey market, which is an unofficial market for trading IPO shares before they are officially listed, Shree Tirupati Balajee’s shares are currently trading at a premium of ₹26 per share. This indicates positive sentiment among investors and reflects the high demand for the company’s stock.
Important Dates
- IPO Opening Date: September 5, 2024
- IPO Closing Date: September 9, 2024
- Allotment Date: September 10, 2024
- Listing Date: Expected to be September 12, 2024
Link Intime India Private Limited has been appointed as the registrar for the IPO, handling the administrative tasks related to the issue. The lead managers overseeing the IPO are PNB Investment Services Ltd and Unistone Capital Private Ltd.
Investors can apply for shares in lots, with each lot consisting of 180 shares. This allows both small and large investors to participate in the offer according to their investment capacity.
The Shree Tirupati Balajee IPO offers a significant opportunity for investors to be part of a growing bulk container manufacturing company. With strong subscription numbers and a positive grey market premium, the issue is garnering considerable interest. Investors should keep track of the key dates and be ready for the allotment and listing of shares, which are crucial milestones in the IPO process.
For those interested in participating, it is advisable to stay updated on the IPO’s progress and consult with financial advisors to make informed decisions.