TBI Corn makes stellar debut, shares list at 110% premium on NSE SME

TBI Corn Ltd made a bumper market debut on Friday, June 7, with its share listing at a premium of 110% against the issue price.

Shares of the company started trading at ₹198 per share on the NSE SME platform, Emerge, against the issue price of ₹94 per share, reflecting a more than two-times jump in returns to IPO investors.

The stock rose further 5% to hit a high of ₹207.9 apiece in early trade, according to the NSE data.

More than 20 lakh shares of the company changed hands on the exchange in early trade on strong buying by investors. The traded value was ₹40.32 crore. The market cap of the company stood at ₹377.5 crore.

Corn products maker TBI Corn Ltd hit the capital markets with its SME public offer on May 31 to raise around ₹44.94 crore from investors.

The book-building public offer comprised a fresh issue of 47.81 equity lakh shares of ₹ 10 each. TBI Corn Ltd IPO price band was fixed at ₹90-94 per share. The minimum lot size was 1,200 shares while the minimum investment at the floor price was ₹1,08,000 for retail investors.

Of the net issue size of 45,40,800 equity shares, 22.67 lakh equity shares were marked for qualified institutional investors. Of these 13.60 lakh shares were reserved for anchor investors. Retail individual investors' (RII) portion was 15.92 lakh shares and 6.81 lakh shares were set aside for Non-Institutional Investors (NIIs).

The bidding for TBI Corn Ltd public offer closed on June 4. The IPO received a stellar response from NIIs and retail investors, with the public offer getting booked a whopping 231 times.

According to exchange data, bids for more than 73.6 crore shares were received against 31.82 lakh shares on offer.

The NIIs’ portion was booked 516.84 times while the retail segment was subscribed 194.58 times. The QIBs’ segment was booked more than 81.55 times.

About TBI Corn Limited

Maharashtra-based TBI Corn is engaged in dry milling of corn to produce corn products. It purchases raw corn from farmers, APMCs, or traders.

According to its RHP, TBI Corn will utilise the proceeds mainly for working capital requirements and expansion of units.

Around ₹17 crore of the IPO proceeds will be used to fund working capital requirement.

It has proposed to use ₹16.8 crore for the expansion of its unit at Sangli district of Maharashtra.

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