Shree Tirupati Balajee IPO Listing Today: GMP Hints at Strong Debut on BSE, NSE – Check Share Price & Key Details

Shree Tirupati Balajee Agro Trading Company Ltd is listing its shares on the stock market today, following strong demand for its IPO. The company’s IPO opened for subscription from September 5 to September 9, with shares set to trade on both the BSE and NSE starting today, September 12.

Key IPO Dates and Details

The allotment of shares for Shree Tirupati Balajee’s IPO was completed on September 10, and the shares are being listed today, Thursday, September 12. The shares will be part of the “T” Group of Securities and will be traded in the Trade-for-Trade segment for the first 10 days. Trading will begin at 10:00 am today.

Grey Market Signals Strong Debut

The grey market premium (GMP) for Shree Tirupati Balajee shares today stands at ₹22 per share, indicating a listing price of around ₹105 per share. This is a 27% premium over the IPO price of ₹83 per share. Analysts are expecting the stock to debut with gains between 20% and 30%.

Expert Opinion

Akriti Mehrotra, a research analyst at Stoxbox, predicts a strong debut for Shree Tirupati Balajee, with the stock likely to list with a significant premium. The company is currently trading at a price-to-earnings (P/E) ratio of 14.5x based on its FY24 earnings, making it attractively priced. Mehrotra advises investors who received shares to hold onto them for medium to long-term growth.

Company Overview and Financial Performance

Shree Tirupati Balajee is a leader in the industrial packaging and FIBC (Flexible Intermediate Bulk Container) sectors. Despite challenges like regulatory changes and raw material fluctuations, the company has demonstrated consistent financial growth. The company’s revenue grew at a compound annual growth rate (CAGR) of 10.2%, rising from ₹444.2 crore in FY22 to ₹539.7 crore in FY24. Additionally, EBITDA margins improved from 7% to 11%, and profit after tax (PAT) increased from ₹13.7 crore to ₹36.1 crore.

IPO Details

The Shree Tirupati Balajee IPO raised ₹169.65 crore through a mix of fresh equity issuance and an offer for sale. The IPO was priced between ₹78 and ₹83 per share. The offering saw overwhelming demand, with the IPO being oversubscribed by 124.74 times. Retail investors subscribed 73.22 times, qualified institutional buyers (QIBs) 150.87 times, and non-institutional investors (NIIs) 210.12 times.

PNB Investment Services and Unistone Capital Pvt Ltd were the lead managers for the IPO, with Link Intime India Private Ltd acting as the registrar.