TBI Corn IPO booked 231 times on final day on high demand from NIIs, retail investors: Check latest subscription status

TBI Corn's IPO subscription closed with an overwhelming subscription led by high demand in non-institutional investors (NIIs) and retail segments. The NSE SME IPO was booked 231 times on the third and final day of bidding on Tuesday, June 4.

The initial public offering (IPO) of the TBI Corn Ltd received bids for over 73.6 crore shares against 31.82 lakh shares on offer. The non-institutional investors’ (NIIs) segment was booked 516.84 times with bids for more than 35.22 crore shares against 6.81 lakh shares set aside for the category. The retail portion was booked 194.58 times as the investors applied for nearly 30.98 crore shares against 15.92 lakh shares reserved for them.

The qualified institutional buyers (QIBs) portion was subscribed more than 81.55 times. The QIBs segment of the public issue received bids for more than 7.39 crore shares against 9.07 lakh shares reserved for the category.

The ₹44.94-crore public issue comprised a total offer size of 47,80,800 shares, including a market maker portion of 2.4 lakh shares and an anchor allocation of 13.58 lakh shares.

The book-running lead managers for the issue are Swastika Investmart Ltd and Ekadrisht Capital Private Limited. The registrar for the issue is Kfin Technologies Limited and the market maker for the issue is Ss Corporate Securities.

TBI Corn IPO price band, allotment and listing date

The price band for TBI Corn IPO was set at ₹90 to ₹94 per share. The minimum lot size for application was 1,200 shares, which translates to an application amount of ₹1,12,800.

Investors are eagerly waiting for the allotment of shares, which is likely to happen on Wednesday, June 5. The initiation of refunds for unsuccessful bidders will be made on Thursday, June 6, the credit of shares to demat accounts of successful bidders will happen on the same day. Shares of TBI Corn are likely to list on the NSE SME platform on Friday, June 7.

TBI Corn IPO objective

The company said that proceeds from the public issue will be used for the expansion of TBI Corn’s existing unit and to meet incremental working capital requirements. The money will also be used for fulfilling other general corporate purposes.

About TBI Corn

TBI Corn is a manufacturer of corn meal grits, the company was incorporated in 2000. The company’s product portfolio includes fat-free corn grits/meals, corn flakes, stone-free broken maize and corn flour, and turmeric finger. The company employed 48 workers as of December 31, 2023.

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