Cereal manufacturer TBI Corn's IPO subscription opens today; details here

TBI Corn initial public offering (IPO) is set to open for subscription on Friday, May 31, 2024. This is a book-built issue aiming to raise Rs 44.94 crores comprising entirely a fresh issue of 47.81 lakh shares. The issue proceeds will be utilised for its expansion plans, meet working capital requirement and general corporate purpose.

The company is a manufacturer and exporter of corn meal grits. It specialises in producing high-quality corn grits and related products in the Sangli district of Maharashtra, India.

Here are the key details TBI Corn IPO

TBI Corn IPO price bands

The price band for TBI Corn IPO is fixed at Rs 90 to Rs 94 per share, with a minimum lot size for an application set at 1200 shares. Retail investors require a minimum investment of Rs 1,12,800, while high net worth indivisual (HNI) investors need to invest in 2 lots (2,400 shares), amounting to Rs 2,25,600.

TBI Corn IPO key dates

The subscription for TBI Corn IPO commences on May 31, 2024, and will conclude on June 4, 2024. The allotment is expected to be finalised on Wednesday, June 5, 2024, with a tentative listing date on NSE SME set for Friday, June 7, 2024.

TBI Corn IPO GMP

According to IPO platform Chittorgarh IPO, the latest grey market premium (GMP) for TBI Corn IPO is Rs 80. With a price band of Rs 94, the estimated listing price for the IPO is Rs 174, projecting an expected listing gain of 85.11 percent per share.

TBI Corn IPO financials

The company’s revenue increased by 40 per cent to Rs 140 crore in FY23 from Rs 100 crore in FY22. It reported a profit after tax (PAT) of Rs 6.8 crore in FY23, up 51 per cent compared to Rs 4.5 crore in FY22.

TBI Corn IPO lead book runners

Swastika Investmart Ltd and Ekadrisht Capital Private Limited serve as the book running lead managers, with Kfin Technologies Limited as the registrar and Ss Corporate Securities as the market maker for TBI Corn IPO.

TBI Corn IPO share allotment

The company has allocated not more than 50 percent of the shares offered of the net Issue for QIB (qualified institutional buyers) investors. Not less than 35 percent of the net Issue is reserved for retail buyers, and not less than 15 percent is earmarked for NII (Non-institutional investors).

About TBI Corn

Incorporated in 2000, the company sells various products, including fat-free corn grits/meals, corn flakes, stone-free broken maize and corn flour, and turmeric finger. All products are made without chemical additives or preservatives and are GMO-free.

The company exports its products to various countries such as Dubai, Oman, Jordan, South Africa, and Vietnam. As of 31st December 2023, the company has a total of 48 employees