TBI Corn Ltd IPO receives overwhelming response, subscribed 4.2 times so far on Day 1

TBI Corn Ltd IPO opened to a strong response from the investors on Friday, May 31, as the issue was fully subscribed within an hour of launch led by strong retail demand.

The initial public offer of the corn products maker was booked 4.2 times until 2:30 pm on the first day of subscription with bids for over 1.40 lakh shares against 31.82 lakh shares on offer, the NSE data showed.

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The NSE SME IPO saw a strong demand from the retail investors as the portion reserved for the category was booked 12.54 times. The retail investors applied for over 74.24 lakh shares against 5.92 lakh shares on offer for them. The non-institutional investors submitted bids for 14.89 lakh shares compared to 6.81 lakh shares. The NIIs’ category was booked 2.18 times. The company has set aside 9.08 lakh shares for the qualified institutional buyers.

The ₹44.94-crore NSE SME IPO is an entirely fresh issue of 47.81 lakh shares.

TBI Corn Limited IPO date

The initial public offer of the Maharashtra-based corn products manufacturer IPO opened for subscription on May 31. The public issue will close for bidding on June 4.

TBI Corn Ltd IPO offer size, price band and lot size

TBI Corn Ltd public offer is a fresh issue of up to 47,80,800 equity shares of ₹10 each and no Offer for Sale component. As many as 2,40,000 equity shares have been reserved for the market maker which leaves the net size of the issue at 45,40,800 equity shares of ₹10 each.

The company has allocated 22,67,200 equity shares for institutional investors, of which 13,60,000 equity shares have been reserved for anchor investors.

TBI Corn Ltd IPO price band has been fixed at ₹90 to ₹94 per share. The minimum lot size is 1,200 shares for retail investors. The minimum amount of investment will be ₹1,08,000 at the base price and ₹1,12,800 at the cap price.

TBI Corn Limited IPO allotment and listing date

TBI Corn Ltd is likely to announce the share allotment status on June 5, after the close of the IPO.

Credit of equity shares to Demat accounts of allottees will also be on or before June 6.

The company has proposed to list shares on the NSE SME platform for the commencement of trading on June 7.

TBI Corn Limited IPO objective

According to the TBI Corn RHP, the company will use IPO proceeds for expansion of the unit, meeting working capital needs and funding other general corporate purposes.

TBI Corn Limited (TBICL) is involved in the dry milling of corn, procuring raw corn from farmers, APMCs, or traders to produce corn-based products. The company offers products such as cleaned and fat-free corn grits/meal, corn flakes, stone-free broken maize and corn flour and turmeric finger.

TBI Corn Ltd has proposed to utilise ₹16.8 crore of the IPO proceeds for the expansion of a unit in MIDC Miraj in Sangli district of Maharashtra.

TBICL plans to expand its production capacity and upgrade existing machinery. The main driver for this initiative is the growing dry milling industry, propelled by changing food consumption patterns and the increasing global population.

It has proposed to use ₹17 crore for funding working capital requirements and the rest for general corporate purposes.

TBI Corn Ltd revenue and PAT

The company has reported revenue of ₹101.04 crore for the period 31 st December, 2023. The profit after tax for the period was ₹7.66 crore. The company reported a revenue of ₹116.37 crore for the year ended on March 31, 2023. The PAT was ₹6.37 crore.

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