Thu Sep 12 04:57:35 UTC 2024: ## Shree Tirupati Balajee Agro IPO Makes Muted Debut Despite Overwhelming Subscription

**Mumbai, India -** Shree Tirupati Balajee Agro Trading Company (STBATCL), a leading manufacturer of flexible packaging solutions, made a muted stock market debut on Thursday, September 12, despite receiving an overwhelming response to its initial public offering (IPO).

The company’s shares were listed at Rs 92.90 on the National Stock Exchange (NSE), a premium of 11.93 per cent over its issue price of Rs 83. On the Bombay Stock Exchange (BSE), the shares were listed with a premium of 8.43 per cent at Rs 90.

This performance fell short of expectations, as the company was previously commanding a grey market premium (GMP) of Rs 27-30 per share, representing a 32-35 per cent premium.

The IPO, which opened between September 5 and 9, saw a massive 124.74 times subscription, receiving bids for 1,78,48,29,420 shares against 1,43,08,000 shares on offer. The IPO raised nearly Rs 170 crore.

Shree Tirupati Balajee Agro Trading Company specializes in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs), large flexible bags, and other industrial packaging products. The company caters to diverse industries, including chemicals, agrochemicals, food mining, waste disposal, agriculture, lubricants, and edible oil, supplying FIBC products for transportation and packaging.

Proceeds from the fresh issue will be used for debt repayment, investments in subsidiaries, capital requirements, and general corporate purposes.

PNB Investment Services and Unistone Capital acted as the book-running lead managers for the IPO.

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