TGIF Agribusiness Debuts On BSE SME Platform With 61% Premium

New Delhi, May 15 (KNN) TGIF Agribusiness, a horticulture company engaged in open farming of fruits and vegetables, made a strong debut on the BSE SME platform on Wednesday.

The company's shares were listed at Rs 150 per share, marking a premium of 61 per cent over the issue price of Rs 93.

The initial public offering (IPO) of TGIF Agribusiness received an overwhelming response from investors, with the issue being oversubscribed by 37 times.

The IPO, which was entirely a fresh equity issue of 6.87 lakh shares, garnered substantial interest from a wide range of investors. The shares of the company were commanding a premium of Rs 30 in the unlisted market ahead of the listing.

The net proceeds from the public offering will be utilised for the purchase of agricultural equipment and irrigation systems, working capital requirements, and general corporate purposes.

TGIF Agribusiness primarily focuses on the farming of pomegranate, which contributes to more than 95 per cent of its revenue from operations.

The company's farmland, spread over an area of over 110 acres, is located in the vicinity of three villages: Ajari, Kasindra, and Kojra. All the farmlands have been obtained on a lease basis from the promoters.

Apart from pomegranate, the company also engages in the farming and cultivation of dragon fruits and Sagwan trees. In the last three financial years, TGIF Agribusiness has grown and harvested lemon, watermelon, and chilly in addition to its main crop, pomegranate.

To produce quality fruits, the company follows various farming practices, including fruit thinning, leaf vegetative growth practices, protecting fruits with protective materials, and measuring soil moisture to determine water application.

(KNN Bureau)