TGIF Agribusiness made its debut on the BSE SME platform on Wednesday with shares opening at Rs 150, representing a premium of 61% over the issue price of Rs 93 per share.
Prior to its listing, the company’s shares were trading at a premium of Rs 30 in the unlisted market.
The Initial Public Offering (IPO) consisted of a fresh equity issue of 6.87 lakh shares and was oversubscribed 37 times due to strong interest from investors.
The proceeds from the IPO will be utilized for purchasing agricultural equipment and irrigation systems, meeting working capital requirements, and for general corporate purposes.
TGIF Agribusiness primarily operates as a horticulture company engaged in open farming of fruits and vegetables across more than 110 acres of farmland in Ajari, Kasindra, and Kojra villages.
Pomegranate farming constitutes over 95% of the company’s revenue, supplemented by cultivation of dragon fruits, Sagwan trees, lemon, watermelon, and chilly in recent years.
The company employs various farming techniques to ensure high-quality produce, such as fruit thinning to enhance crop size and quality, vegetative growth practices, fruit protection measures, and soil moisture management.
The agriculture sector in India, boasting the world’s second-largest agricultural land, plays a pivotal role in employing nearly half of the country’s population, making farmers essential contributors to our sustenance.