|
PNN
Mumbai (Maharashtra) [India], September 4: Shree Tirupati Balajee AgroTrading Company Limited specializes in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs) and other industrial packaging products, such as woven sacks and tapes, both domestically and internationally, proposes to open its IPO on September 05, 2024. The company is aiming to raise Rs 169.65 Crores at the upper band through this IPO, with shares set to be listed on the BSE & NSE platform. The Issue Size is Up To 2,04,40,000 including 1,47,50,000 Fresh Issue equity shares and 56,90,000 Offer for Sale at face value of Rs 10 each. Equity Share Allocation - QIB Anchor Portion - Not more than 61,32,000 Equity Shares - Qualified Institutional Buyers (QIB) - Up to 40,88,000Equity Shares - Non-Institutional Investors (NII) - Not less than 30,66,000 Equity Shares - Retail Individual Investors (RII) - Not less than71,54,000 Equity Shares The net proceeds from the IPO will be used to Partially or Fully Settle Certain Outstanding Borrowings, Funding The Additional Working Capital Needs Of The Company, and Addressing General Corporate Purposes. The bidding for Anchor Portion will open on September 04, 2024 and the Issue will close on September 09, 2024. The Book Running Lead Managers to the Issue are PNB Investment Services Limited & Unistone Capital Private Limited. The Registrar to the Issue is Link Intime India Private Limited. Binod Kumar Agarwal, Chairman & Managing Director of Shree Tirupati Balajee Agro Trading Company Limited expressed, "This IPO represents a pivotal milestone in our journey, laying the foundation for future growth and success. With over two decades of industry experience and operate out of five manufacturing units spread across 55,000+ square meters, Shree Tirupati Balajee AgroTrading Company Limited on a global scale. The IPO proceeds will be essential for managing the repayment or prepayment of certain borrowings, supporting increased working capital needs, and covering general corporate expenses. This will boost our brand's value, enhance operational efficiency, and secure long-term success and industry stability." Binod Kumar, Chairman & Non-Executive Director of PNB Investment Services Limited said, "As we approach our IPO, we see a significant opportunity for investors. Our company, with a global reach across 38 countries, is poised to capitalize on the growing FIBC market by providing tailored bulk packaging solutions for sectors like food, pharmaceuticals, and chemicals. This IPO is set to fuel our growth and deliver substantial value to our investors." Brijesh Parekh, Founder & Director of UnistoneCapital Private Limited said, "The upcoming IPO of STB is a significant milestone in their journey. The company operates and manages its business through its subsidiaries, Honourable Packaging Private Limited, Shree Tirupati Balajee FIBC Limited, and Jagannath Plastics Private Limited. The expanding FIBC market, driven by government initiatives and export opportunities, strengthens STB's role in global supply chains. With customizable packaging solutions across various sectors, STB is well-positioned for growth, presenting a compelling investment opportunity." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
|
