Company name: Shree Tirupati Balajee Agro Trading Company Limited
IPO Size: Fresh issue of 1.47 Crores equity shares and Offer for Sale of 56.9 Crores shares
IPO Dates: 5 September, 2024 - 9 September, 2024
Price Band: ₹ 159-170
Lot Size: 180 Shares and in multiple thereof
Lead manager: PNB Investments Services Limited, Unistone Capital Private Limited
Registrar: Link Intime India Private Limited
About the company:
Shree Tirupati Balajee Agro Trading Company Private Limited was established on October 23, 2001. Initially formed as a private limited company under the Companies Act, 1956, it underwent a conversion to a public limited company as per the shareholders' approval on November 20, 2023. Following this conversion, the company's name was changed to Shree Tirupati Balajee Agro Trading Company Limited .
Key Aspects:
Founding and Growth:
The company started its operations in the production of specialized polypropylene (PP) woven bags, fabric, belts, and tapes with an initial production capacity of 1,440 metric tons per annum (MT PA) from Unit I in 2002. Over the years, the company expanded its production capacity to 20,000 MT PA by 2012 .
In 2006, the company diversified into the production and export of Flexible Intermediate Bulk Containers (FIBC). The company has established multiple manufacturing units, including Units II, III, IV, and V, with varying production capacities and specializations .
Manufacturing Facilities:
The company operates five manufacturing units, with some facilities equipped with HEPA filters, controlled air conditioning, and metal detectors for producing bags suitable for food packaging .
The facilities also boast in-house testing laboratories to ensure products meet international quality standards, and they have received certifications like ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 22000:2018 .
Innovation and R&D:
The company has a dedicated research and development team that works on customer solutions and customization requirements. It holds one granted patent and has two pending patents .
Revenue and Performance:
For the fiscal year ending September 30, 2023, the company reported revenue from operations of ₹20,076.70 lakhs. The total income for the same period was ₹20,576.36 lakhs.
Clientele:
The company's clientele includes a diverse range of industries, such as chemicals, agrochemicals, food, mining, waste disposal, agriculture, lubricants, and edible oil. The company supplies these industries with FIBC products designed for transportation and packaging requirements .
The company emphasizes quality in its manufacturing processes, conducting various tests like tensile testing, UV testing, surface resistibility tests, and others to ensure that the products meet the required safety, durability, and environmental standards .
Overall, the company has established a significant presence in the packaging industry, driven by a focus on quality, innovation, and a strong R&D framework.
Financial Performance: (Figures in Rupees Crores)
Top Management:
Binod Kumar Agarwal, aged 59, is the founder of our company and has been successfully leading its operations for the past 23 years. He serves as the Chairman and Managing Director. He holds a bachelor's degree in science, specializing in chemical engineering, from the Regional Engineering College in Rourkela. With over 36 years of experience in the packaging industry, he is the driving force behind all corporate decisions and oversees the entire business operations of the company, supported by a team of experienced and qualified professionals from various fields.
Ranjan Kumar Mohapatra, aged 54, has served as the Non-Executive and Non-Independent Director of our company since September 3, 2021. He holds a bachelor's degree from Utkal University and has completed a Post Graduate Diploma in Plastics Testing & Conversion Technology from the Central Institute of Plastics Engineering & Technology. Ranjan Kumar Mohapatra has been responsible for overseeing the operations of the company's manufacturing plant since its inception. With over 22 years of experience as an engineer specializing in product development and design, he is recognized for his innovative approaches and problem-solving skills. He excels in establishing product specifications, leading teams, and focusing on reducing the environmental impact of plastics while creating sustainable solutions for the company. Additionally, he has conducted inspections to ensure compliance with quality and safety standards, enhancing process stability and overall product quality.
Anubha Mishra, aged 38, was appointed as the Executive Director of our company on November 18, 2023. She has been associated with the company for over a decade. She holds a Master of Business Administration in Foreign Trade from Devi Ahilya Vishwavidyalaya (DAVV), Indore. With 12 years of experience, she is responsible for identifying opportunities to enter new market segments and expand the company's market share. She is skilled in setting and prioritizing goals effectively.
Objectives of the Issue:
The company plans to use the net proceeds from the Fresh Issue for the following purposes:
Repayment or prepayment, either partially or fully, of certain outstanding borrowings.
Investment in its subsidiaries, HPPL, STBFL, and JPPL, to repay or prepay, either in part or in full, specific outstanding borrowings.
Funding the company’s incremental working capital needs.
Investment in subsidiaries HPPL, STBFL, and JPPL to support their working capital requirements.
General corporate purposes.
DISCLAIMER: All the information above is for educational purposes only and in any way is not a recommendation.