Shree Tirupati Balajee Agro Trading Company Ltd saw a solid start on its stock market debut on September 12, with shares listing at Rs 92.90, which is a 12 percent premium over the issue price of Rs 83 per share on the Bombay Stock Exchange (BSE). However, this listing gain falls short of grey market expectations, where shares were reportedly trading at a 33 percent premium before the official listing. The grey market provides an informal trading platform for shares prior to their official issue and listing.

Over a span of three days, the Rs 169.65-crore public offer, which included both a fresh issue and an offer for sale, was oversubscribed by an impressive 124.74 times overall. Retail investors subscribed 73.22 times, Qualified Institutional Buyers (QIBs) 150.87 times, and Non-Institutional Investors (NIIs) 210.12 times.

On September 4, Balajee raised Rs 50.9 crore from six institutional investors through an anchor book. Investors such as NAV Capital Emerging Star Fund, Chanakya Opportunities Fund I, and Next Orbit Growth Fund III each contributed Rs 10 crore to the Madhya Pradesh-based company.

Founded in 2001, the company specializes in manufacturing and selling Flexible Intermediate Bulk Containers (FIBCs), which are large flexible bags, along with other industrial packaging products such as woven sacks, woven fabric, narrow fabric, and tapes. They serve both the Indian domestic market and international clients, providing tailored solutions for bulk packaging needs across various sectors, including chemicals, agrochemicals, food, mining, waste disposal, agriculture, lubricants, and edible oil.

The company intends to use the net proceeds from the Fresh Issue for several objectives, including repaying or prepaying some of its existing borrowings. Additionally, funds will be allocated to its subsidiaries—HPPL, STBFL, and JPPL—to address their borrowing needs and working capital requirements. The company also plans to use a portion of the funds for its own incremental working capital needs and for general corporate purposes.