TBI Corn Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | May 31, 2024 to June 4, 2024 |
| Listing Date | [.] |
| Face Value | ₹ 10 per share |
| Price Band | ₹ 90 to ₹ 94 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 47,80,851 shares (aggregating up to ₹ 44.94 Cr) |
| Fresh Issue | 47,80,851 shares (aggregating up to ₹ 44.94 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 1,33,77,605 |
| Share holding post issue | 1,81,58,456 |
About TBI Corn Limited IPO
TBI Corn Company, an ISO 9001:2015 and ISO 22000:2018 certified company, is a prominent player in the corn milling industry. Located in the Sangli district of Maharashtra, India, they specialize in the production of high-quality Corn / Maize Grits and related products. They named their venture “The Best India” with the vision of shining as a symbol of beautiful India. The Company offers a diverse range 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. TBI Corn IPO is a book-built issue of Rs 44.94 crores.
The issue is entirely a fresh issue of 47.81 lakh shares. TBI Corn IPO opens for subscription on May 31, 2024 and closes on June 4, 2024. The allotment for the TBI Corn IPO is expected to be finalized on Wednesday, June 5, 2024. TBI Corn IPO price band is set at ₹90 to ₹94 per share. The minimum lot size for an application is 1200 Shares. Swastika Investmart Ltd and Ekadrisht Capital Private Limited are the book running lead managers of the TBI Corn IPO, while Kfin Technologies Limited is the registrar for the issue.
TBI Corn IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Company & Financials
Incorporated in 2000, TBI Corn Limited is a manufacturer and exporter of Corn Meal Grits. The Company is ISO 9001:2015 and ISO 22000:2018 certified. The company specialize in producing high-quality Corn/Maize Grits and related products in the Sangli district of Maharashtra, India. They have expanded to multiple units in MIDC Miraj, occupying a total area of 15,812 SQ MT (1,70,200 Sq. ft.) and equipped with modern machinery. 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.
Objectives of TBI Corn IPO
The Issue Proceeds from the Fresh Issue will be utilized towards the following objectives:
- 1. Expansion of Existing Unit.
- 2. To Meet Incremental Working Capital Requirement.
- 3. General Corporate Purpose.
TBI Corn IPO Review
The company is operating in a highly competitive and fragmented segment of corn milling. It marked boosted growth for the last 21-month financial performance, which raised eyebrows and concern over its sustainability going forward. Based on FY24 annualized super earnings, the issue appears aggressively priced. Well-informed investors may park moderate funds for the medium term rewards.
TBI Corn Limited IPO Financial Information
Latest Revenue
7,120.28
₹ Crore
Profit After Tax
666.75
₹ Crore
Net Worth
3,964.81
₹ Crore
Total Borrowing
5,140.73
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing | ||||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2023 | 9,963.40 | 7,120.28 | 666.75 | 3,964.81 | 5,140.73 | ||||
| 31 Mar 2023 | 12,162.04 | 14,042.63 | 686.09 | 2,677.81 | 6,352.82 | ||||
| 31 Mar 2022 | 4,317.63 | 10,097.26 | 45.16 | 683.24 | 2,549.48 | ||||
| 31 Mar 2021 | 4,254.86 | 6,776.38 | 23.93 | 512.42 | 2,300.94 | ||||
| Amount in ₹ Crore | |||||||||
TBI Corn Limited Key Performance Indicator
| KPI | Values |
|---|---|
| - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.13 | 7.34 |
| P/E (x) | 18.33 | 12.8 |
Frequently Asked Questions
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Competitive Strengths
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TBI Corn Limited IPO Timeline
| IPO Open Date | Friday, May 31, 2024 |
| IPO Close Date | Tuesday, June 4, 2024 |
| Basis of Allotment | Wednesday, June 5, 2024 |
| Initiation of Refunds | Thursday, June 6, 2024 |
| Credit of Shares to Demat | Thursday, June 6, 2024 |
| Listing Date | Friday, June 7, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 4, 2024 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹112,800 |
| Retail (Max) | 1 | 1,200 | ₹112,800 |
| HNI (Min) | 2 | 2,400 | ₹225,600 |