This IPO received excellent subscription
This year, many IPOs are happening in the month of September. Also on Monday, the IPO of a company ‘Shri Tirupati Balaji Agro Trading Company’ closed when the company had received over 124 bids for each of its shares. Seen in this light, its IPO has been oversubscribed by 124.74 times.
Shri Tirupati Balaji Agro Trading Company’s initial public offering (IPO) was valued at Rs 170 crore. For this, the company had offered 1,43,08,000 shares, while it had received bids for 1,78,48,29,420 shares.
How much was subscribed in which category?
The shares offered by the company to non-institutional investors under the IPO have received subscription of 210.12 times. While the Qualified Institutional Buyers (QIB) portion has received subscription of 150.87 times, while the company’s IPO in the retail investors sector has been subscribed 73.22 times.
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The initial public offer of Shri Tirupati Balaji Agro Trading Company received 6.36 subscriptions on the first day. The company had set the price of each share in the IPO at Rs 78-83. In this, 1.47 crore new shares were issued, while 56.90 lakh shares were placed under Offer for Sale (OFS).
The company will use this amount to pay down its debt, invest in subsidiaries, meet capital requirements and general corporate operations.
Shares can trade at this premium.
The grey market premium (GMP) for the shares of Shri Tirupati Balaji Agro Trading Company is Rs 50. The company’s shares will thus be eligible for listing with a growth of 60 per cent. Its possible listing price could be Rs 133.
