Shree Tirupati Balajee Agro Trading Company files draft paper for IPO

Shree Tirupati Balajee Agro Trading Company has filed a draft red herring prospectus with the financial markets regulator, the Securities and Exchange Board of India for its initial public offering (IPO).

Shree Tirupati Balajee Agro Trading Company has filed a draft red herring prospectus with the financial markets regulator, the Securities and Exchange Board of India for its initial public offering (IPO). DRHP is a document that consists of the company's financial details, future prospects, and other key aspects regarding the business and is filed with the regulator to raise money essentially via public offerings of its shares.

The proposed public issue will comprise 2.04 crore shares with 1.47 crore fresh shares and an offer-for-sale (OFS) of 56.9 lakh shares by promoter Binod Kumar Agarwal, the draft paper showed. Offer for Sale means the promoters (owners) selling their shares to raise additional funds for the company. Reportedly, the company had on December 28 last year filed the draft papers for an IPO of 1.67 crore equity shares and called it off later.

Promoter Agarwal holds 88.38 percent in the bulk packaging solutions company, the draft paper showed. The company is engaged in the business of manufacturing and selling of Flexible Intermediate Bulk Containers (FIBCs) -- large flexible bags and other industrial packaging products such as woven sacks, woven fabric and narrow fabric, and tapes in the Indian domestic market and overseas.

It caters to clients from diverse industries like chemicals, agrochemicals, food mining, waste disposal industry, agriculture industry, lubricants and edible oil by supplying them FIBC products for transportation purposes and their packaging requirement. As per the draft, the company will use Rs 57.3 crore out of the net fresh issue proceeds for repaying debts, Rs 24.24 crore for working capital requirements, and the remaining amount for general corporate purposes.

Meanwhile, Mumbai-based Stallion India Fluorochemicals has filed a draft red herring prospectus with the financial markets regulator, the Securities and Exchange Board of India for its initial public offering (IPO). The proposed initial public offering (IPO) will be a mix of 1,78,58,740 fresh equity shares and an offer-for-sale (OFS) of 43,02,656 equity shares by promoter Shazad Sheriar Rustomji, the document said.

Shazad Sheriar Rustomji holds 94.60 percent stake in the company, and 5.37 percent shares are held by the public shareholder Geetu Yadav, the document showed. Stallion is in the business of selling refrigerant gases and industrial gases and related products. Its primary business consists of debulking, blending and processing of refrigerant and Industrial gases and selling of pre filled cans.

It has over two decades of extensive experience in this domain. Reportedly, Stallion India had withdrawn its previous draft papers filed with the regulator for an initial public offering on December 18, 2023.

The net proceeds of the fresh issue will be utilised in funding incremental working capital requirements of the company; funding capital expenditure requirements for its semi-conductor and specialty gas debulking and blending facility (Khalapur, Maharashtra); funding capital expenditure requirements for refrigerant debulking and blending facility (Mambattu, Andhra Pradesh); and general corporate purposes., the DRHP document showed. (ANI)

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