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Shree Tirupati Balajee IPO is a book-built issue of Rs 169.65 crores. The issue is a combination of a fresh issue of 1.48 crore shares aggregating Rs 122.43 crore and an offer for sale of 0.57 crore shares aggregating Rs 47.23 crore.
Shree Tirupati Balajee IPO opens for subscription on September 5, 2024, and closes on September 9, 2024. The price band for the IPO is set at ₹78 to ₹83 per share and the minimum lot size for an application is 180 Shares.
Company Summary
Established in October 2001, Shree Tirupati Balajee Agro Trading Company Limited manufactures and sells Flexible Intermediate Bulk Containers (FIBCs), i.e., large flexible bags, and other industrial packaging products such as woven sacks, woven fabric, narrow fabric, and tapes in the Indian domestic market and overseas.
The company offers customized products and caters to the bulk packaging needs of clients from various industries, including chemicals, agrochemicals, food, mining, waste disposal, agriculture, lubricants, and edible oil.
The company operates through subsidiaries such as Honourable Packaging Private Limited (HPPL), Shree Tirupati Balajee FIBC Limited (STBFL), and Jagannath Plastics Private Limited (JPPL).
The company operates five manufacturing units. Units I and II are certified with ISO 9001:2015 and ISO 14001:2018. Unit III is certified with ISO 9001:2015, ISO 45001:2018, ISO 14001:2015, ISO 14064-1:2018, and the SEDEX SMETA four-pillar. The company’s certifications cover the production of Flexible Intermediate Bulk Containers (FIBC), Woven Sacks, and Fabrics of PP (Polypropylene) and HDPE (High-Density Polyethylene).
As of July 2024, the company has 857 department employees.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 516.94 | 392.46 | 391.89 |
| Revenue | 552.82 | 478.14 | 453.79 |
| Profit After Tax | 36.07 | 20.72 | 13.66 |
| Net Worth | 173.07 | 110.21 | 92.23 |
| Reserves and Surplus | 106.24 | 109.05 | – |
| Total Borrowing | 243.69 | 223.81 | 240.06 |
Amount in ₹ Crore | |||
Objectives of the IPO
The company intends to utilize the net proceeds of the Fresh Issue to meet the following objects
- Repayment and/or prepayment, in part or full, of certain of the outstanding borrowings availed by the Company.
- Investment in the subsidiaries HPPL, STBFL and JPPL for Repayment and/or prepayment, in part or whole, of certain outstanding borrowings availed.
- Funding the incremental working capital requirements of the company
- Investment in the subsidiaries HPPL, STBFL, and JPPL for funding working capital requirements
- General corporate purposes.
Promoters of the company
The Promoter of the Company is Binod Kumar Agarwal. The Promoter holds 5,90,57,490 Equity Shares in the Company, representing 88.38% of the pre-offer issued, subscribed, and paid-up Equity Share capital of our Company.
IPO details
| IPO Date | September 5, 2024 to September 9, 2024 |
| Listing Date | Thursday, September 12, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹78 to ₹83 per share |
| Lot Size | 180 Shares |
| Total Issue Size | 20,440,000 shares (aggregating up to ₹169.65 Cr) |
| Fresh Issue | 14,750,000 shares (aggregating up to ₹122.43 Cr) |
| Offer for Sale | 5,690,000 shares of ₹10 (aggregating up to ₹47.23 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 180 | ₹14,940 |
| Retail (Max) | 13 | 2340 | ₹194,220 |
| S-HNI (Min) | 14 | 2,520 | ₹209,160 |
| S-HNI (Max) | 66 | 11,880 | ₹986,040 |
| B-HNI (Min) | 67 | 12,060 | ₹1,000,980 |
Allotment Schedule
| Basis of Allotment | Tuesday, September 10, 2024 |
| Initiation of Refunds | Wednesday, September 11, 2024 |
| Credit of Shares to Demat | Wednesday, September 11, 2024 |
| Listing Date | Thursday, September 12, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 9, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
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