Shree Tirupati Balajee IPO Receives Strong Demand Ahead of Closing Day

Shree Tirupati Balajee’s Initial Public Offering (IPO) is witnessing robust interest from investors, with the public issue currently subscribed 37.45 times. The three-day subscription period for bidding opened on Thursday, September 5, 2024, and will conclude today.

Available at a price band of Rs 78-83 and with a lot size of 180 shares, Shree Tirupati Balajee has attracted bids for 53,58,71,520 shares, significantly surpassing the 1,43,08,000 shares initially offered by the company. According to data from the National Stock Exchange (NSE), Non-Institutional Investors (NIIs) led the bidding, securing a subscription rate of 82.28 times. Retail Individual Investors (RIIs) followed at 36.90 times, while Qualified Institutional Buyers (QIBs) reported a subscription of 4.80 times as of 12:03 PM today.

In addition to the strong demand, the grey market premium (GMP) for Shree Tirupati Balajee has ascended to Rs 60, translating to an impressive 72.29 percent increase from the upper end of the issue price. The current GMP reflects a notable rise from the Rs 35 reported on the opening day of the subscription on September 5, indicating heightened investor interest.

The IPO aims to raise Rs 169.65 crore through a fresh issue of 14,750,000 shares, along with an offer for sale of 5,690,000 shares, each having a face value of Rs 10. Retail investors are required to bid for a minimum of 180 shares, with the minimum investment amount set at Rs 14,940 for one lot of shares.

Following the closure of the subscription window, share allotment for the Shree Tirupati Balajee IPO is anticipated on Tuesday, September 10, 2024. Subsequently, shares are expected to be credited to demat accounts on Wednesday, September 11, 2024, with the public offering projected to officially debut on the stock exchange on Thursday, September 12, 2024, targeting listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Several brokerage firms, including Anand Rathi Research, Team Swastika Investmart, and Master Capital Services, have provided evaluations and reviews concerning the Shree Tirupati Balajee public issue.

Shree Tirupati Balajee was initially incorporated as ‘Shree Tirupati Balajee Agro Trading Company Private Limited’ in Pithampur, Dhar, Madhya Pradesh. The company specializes in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) and a range of industrial packaging products, including woven sacks, woven fabric, and narrow fabric tapes, both in the domestic market and internationally.