TGIF Agribusiness experienced a strong market entry, opening at ₹150 on BSE SME, a 61.29% surge over its ₹93 issue price. Despite the robust start, the stock quickly hit a 5% lower circuit following its initial surge.
The TGIF Agribusiness IPO was available for subscription from Wednesday, May 8, to Friday, May 10, with a set price of ₹93 per share. Investors could subscribe in lots of 1,200 shares each.
TGIF Agribusiness, located in Pindwara, Rajasthan, operates over 110 acres of farmland growing mainly pomegranates, which generate over 95% of its revenue. It also cultivates dragon fruit and Sagwan trees, selling produce to retailers and wholesalers. Plans include a Direct2home service to deliver products directly to consumers’ homes.
TGIF Agribusiness aims to use its IPO funds to buy agricultural equipment and enhance irrigation for ₹2.05 crores, boost working capital with ₹2.27 crores, and allocate ₹153.78 lakhs for general corporate purposes to support business growth.