NSE SME TBI Corn makes a robust debut

Shares of TBI Corn were quoting at Rs 207.90 on the BSE, a premium of 121.17% compared with the issue price of Rs 94.

The scrip was listed at Rs 198, a premium of 110.64% over 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 207.90 and a low of Rs 198. About 25.40 lakh shares of the company changed hands at the counter.

TBI Corn's IPO was subscribed 154 times. The issue opened for bidding on 31 May 2024 and it closed on 4 June 2024. The price band of the IPO was fixed between at Rs 90 to Rs 94 per share.

The IPO comprised fresh issue of 47,80,800 equity shares. The promoter and promoter group shareholding diluted to 56.47% from 76.65% pre-offer.

The company intends to utilize the net proceeds to meet incremental working capital requirements, for expansion of existing unit, for public issue related expenses and general corporate purpose.

Ahead of the IPO, TBI Corn on 30 May 2024, raised Rs 12.76 crore from anchor investors. The board allotted 13.58 lakh shares at Rs 94 per share to 4 anchor investors.

TBI Corn, a leading company in the corn milling industry, specializes in producing high-quality Corn/Maize Grits and related products. The company offers a variety of products, including cleaned and fat-free Corn Grits/Meal, Corn Flakes, Stone-free Broken Maize & Corn Flour, and Turmeric Finger, all manufactured without chemical additives or preservatives and GMO-free. As on 30th January, 2024, the company has 49 employees.

The company recorded revenue from operations of Rs 101.04 crore and net profit of Rs 7.66 crore for the period as on 31 December 2023.

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