Shree Tirupati Balaji Agro Trading Company files draft papers for IPO

Mumbai: Shree Tirupati Balaji Agro Trading Company has filed a draft red herring prospectus with the financial markets regulator, Securities and Exchange Board of India, for its initial public offering (IPO). The DRHP is a document containing the company’s financial statements, future The prospects and other key aspects regarding the business are covered and it is filed with the regulator to mandatorily raise funds through a public offering of its shares. The proposed public issue will involve raising of Rs 1.47 crore new shares, the draft paper showed. The shares will include an offer for sale (OFS) of 2.04 crore shares and 56.9 lakh shares by promoter Binod Kumar Aggarwal. Offer for sale means that the promoters (owners) are selling their shares to raise additional funds for the company. Reportedly, the company had filed draft papers for an IPO of 1.67 crore equity shares on December 28 last year and Later it was closed.

Promoter Agarwal holds 88.38 per cent stake in the bulk packaging solutions company, the draft paper shows. The company is engaged in the business of manufacturing and selling flexible intermediate bulk containers (FIBC) – large flexible bags and other industrial packaging products such as woven sacks, woven fabrics and narrow fabrics, and tapes in the Indian domestic market and abroad. It is supplied to customers from various industries like chemicals, agrochemicals, food mining, waste disposal industries, agro industries, lubricants and edible oils for transportation purposes and their packaging. FIBC meets its needs by supplying products. As per the draft, the company will use Rs 57.3 crore of the net fresh issue proceeds to repay debt, 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, Securities and Exchange Board of India, for its initial public offering (IPO).

The document said the proposed initial public offering (IPO) would 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 Shehzad Sheriar Rustomjee. Sheriar Rustomjee holds 94.60 per cent stake in the company, and 5.37 per cent shares are held by public shareholder Geetu Yadav. Stallion is in the business of selling refrigerant gases and industrial gases and related products. Its primary business includes debulking, blending and processing of refrigerants and industrial gases and sale of pre-filled cans. It has extensive experience of over two decades in this sector. Reportedly, Stallion India on December 18, 2023 had withdrawn its previous draft papers filed with the regulator for the initial public offering. The net proceeds of the fresh issue will be used to finance the incremental working capital requirements of the company; Financing the capital expenditure requirements for its semi-conductor and specialty gas debulking and blending facility (Khalapur, Maharashtra); Financing the capital expenditure requirements for Refrigerant Debulking and Blending Facility (Mambattu, Andhra Pradesh); and general corporate purposes, shown in the DRHP document.