TBI Corn IPO will open for subscription from 31 May 2024. The company aims for an issue size of ₹44.94 Cr through this IPO.
Company Overview
| Full name | TBI Corn Limited |
| Sector | Fast Moving Consumer Goods |
| Industry | Consumer Food |
| Company Website | https://tbicorn.com/ |
About Company
TBI Corn is a leading corn milling company with ISO 9001:2015 and ISO 22000:2018 certifications. Based in the Sangli district of Maharashtra, the company focuses on producing top-quality corn/maize grits and related products. The company provides various products such as clean, fat-free corn grits/meal, corn flakes, stone-free broken maize, corn flour, and turmeric finger. All products are manufactured without chemical additives, preservatives, or GMOs.
In addition to its ISO certifications, TBI Corn is certified by MSME and APEDA, and it holds both Indian Organic and USDA Organic certifications. The company has expanded into international markets, supplying products to the Gulf countries, UAE, Bahrain, Qatar, Kuwait, Saudi Arabia, Oman, Yemen, Jordan, Israel, Liberia, Sri Lanka, Malaysia, Brunei, Vietnam, and South Korea. It plans to extend its reach to Europe and the US shortly. As of 30 January 2024, the company employs 49 full-time staff members, including key managerial personnel.
The Objectives of the Issue
- Expansion of Existing Unit;
- To Meet Incremental Working Capital Requirement;
- General Corporate Purpose
TBI Corn IPO Timetable
| IPO Opening date | 31 May 2024 |
| IPO Closing | 04 June 2024 |
| Basis of Allotment | 05 June 2024 |
| Initiation Refund | 06 June 2024 |
| Credit to Demat Account | 06 June 2024 |
| Listing Date | 07 June 2024 |
TBI Corn IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹44.94 Cr – 4,780,800 shares |
| Fresh Issue | ₹44.94 Cr – 4,780,800 shares |
| Offer for sale | Nil |
| Face value | ₹10 per share |
| Price Band | ₹90 to ₹94 per share |
| Lot size | 1200 Shares |
| Market Maker portion | 240,000 shares |
| Shareholding pre-issue | 13,377,605 |
| Shareholding post-issue | 18,158,405 |
| Listing Exchange | NSE SME |
TBI Corn IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹112,800 |
| Retail (Max) | 1 | 1200 | ₹112,800 |
| HNI (Min) | 2 | 2,400 | ₹225,600 |
TBI Corn Offer Documents
TBI Corn IPO Reservation Details
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,358,400 (28.41%) |
| Market Maker Shares Offered | 240,000 (5.02%) |
| QIB Shares Offered | 908,800 (19.01%) |
| NII (HNI) Shares Offered | 681,600 (14.26%) |
| Retail Shares Offered | 592,000 (12.38%) |
| Total Shares Offered | 4,780,800 (100%) |
TBI Corn Financial Performance
| FY 2021 | FY 2022 | FY 2023 | 9M FY 2024 | |
| Revenue | 66.96 | 100.29 | 139.30 | 101.05 |
| Expenses | 67.49 | 100.47 | 131.14 | 91.72 |
| Net income | 0.24 | 0.45 | 6.86 | 7.66 |
TBI Corn Valuations & Margins
| FY 2021 | FY 2022 | FY 2023 | |
| EPS | 0.18 | 0.34 | 5.13 |
| PE ratio | – | – | 17.55 – 18.33 |
| NAV | 3.83 | 5.11 | 12.54 |
| FY 2021 | FY 2022 | 1 Apr – 21 Jun 2022* | 22 Jun 2022 – 31 Mar 2023* | |
| RONW (%) | 4.67 | 6.61 | 4.89 | 37.97 |
| ROCE (%) | 9.05 | 13.19 | 5.98 | 34.97 |
| EBITDA (%) | 3.74 | 3.13 | 4.76 | 9.85 |
| Debt/Equity | 2.87 | 1.57 | 0.87 | 0.83 |
Company Promoters
- Mr. Yogesh Laxman Rajhans
- Mrs. Asha Laxman Rajhans.
Promoter Holding
| Pre Issue Share Holding | 76.65% |
| Post Issue Share Holding | 57.71% |
TBI Corn IPO GMP Update
| Date | Consolidated IPO GMP | Kostak | Subject to Sauda |
| 6 June 2024 | 50 | – | 42,000 |
| 5 June 2024 | 50 | – | 42,000 |
| 4 June 2024 | 85 | – | 77,000 |
| 3 June 2024 | 82 | – | 73,700 |
| 31 May 2024 | 75 | – | 66,500 |
| 30 May 2024 | 50 | – | 48,500 |
TBI Corn IPO Subscription Update
| Category | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Shares Offered | 9,08,800 | 6,81,600 | 15,92,000 | 31,82,400 |
| 4 Jun 2024 | 81.41 | 516.85 | 194.59 | 231.29 |
| 3 Jun 2024 | 0.23 | 48.70 | 88.13 | 54.58 |
| 31 May 2024 | 0.02 | 6.71 | 13.27 | 8.08 |
TBI Corn IPO Allotment Status
TBI Corn IPO allotment status is now available on the KFin Tech website. Click on this link to get allotment status.
TBI Corn IPO Listing Details
| Listing Date | 07 June 2024 |
| BSE Scrip Code | – |
| NSE Symbol | TBI |
| ISIN | INE0N2D01013 |
| Final Issue Price | ₹94 per share |
TBI Corn IPO Listing Day Update
| Listing Exchange | NSE SME |
| Final Issue Price | ₹94.00 |
| Open | ₹198.00 |
| Low | ₹198.00 |
| High | ₹207.90 |
| Last Trade | ₹207.90 |
TBI Corn Lead Manager(s)
- Swastika Investmart Ltd
- Ekadrisht Capital Private Limited
TBI Corn Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower – B, Plot 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally,
Hyderabad – 500 032, Telangana
Tel: 91 40 6716 2222
E-mail: tbi.ipo@kfintech.com
Website: www.kfintech.com
TBI Corn Contact Details
TBI CORN LIMITED
A5/3 & A5/4, MIDC, Miraj, Tal- Miraj,
Dist- Sangli 416 410, Maharashtra, India
Phone: (0233) 2644950
E-mail: cs@tbicorn.com
Website: www.tbicorn.com
TBI Corn IPO FAQs
What is the TBI Corn offer size?
TBI Corn’s offer size is ₹ 43.03 – 44.94 crores.
What is the TBI Corn offer price band?
TBI Corn’s public offer price is ₹ 90 – 94 per share.
What is the lot size of the TBI Corn Offer?
TBI Corn’s offer lot size is 1,200 shares.
What is TBI Corn Offer GMP today?
TBI Corn IPO GMP today is ₹ 50 per share.
What is the TBI Corn kostak rate today?
TBI Corn kostak rate today is ₹ NA per application.
What is TBI Corn Subject to the Sauda rate today?
TBI Corn is Subject to the Sauda rate today is ₹ 42,000 per application.
Final thoughts
TBI Corn IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. Study the company well and subscribe if you feel good about it. I hope this post will give you enough details to research the company fundamentally. learn well and make wise decisions.
Happy Investing
