Shares of TGIF Agribusiness were quoting at Rs 142.50 on the NSE, a premium of 53.23% compared with the issue price of Rs 93.

The scrip was listed at Rs 150, a premium of 61.29% compared with the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 156.80 and a low of Rs 142.50. About 2.38 lakh shares of the company changed hands at the counter.

TGIF Agribusiness’ IPO was subscribed 35.30 times. The issue opened for bidding on 8 May 2024 and it closed on 10 May 2024. The price of the IPO was fixed at Rs 93 per share.

The IPO comprised fresh issue of 6,87,600 equity shares. The promoter and promoter group shareholding diluted to 73.28% from 99.80% pre-IPO.

The company intends to utilize the net proceeds to meet working capital requirements of the company, purchase of agricultural equipments & irrigation system and general corporate purposes.

TGIF Agribusiness is primarily a horticulture company engaged in open farming of fruits and vegetables. With over 110 acres of farm land in three villages in Pindwara, Rajasthan. The main crop is pomegranate, which contributes over 95% of its revenue. The company also cultivates dragon fruits and Sagwan trees. In the last three financial years, TGIF Agribusiness has harvested lemon, water melon, and chilly, in addition to pomegranate, which remains its main crop. As on 30 November 2023, the company has 8 employees.

The company recorded revenue from operations of Rs 1.70 crore and net profit of Rs 0.81 crore for the period as on 30 November 2023.

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First Published: May 15 2024 | 11:41 AM IST

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