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30 May 2024

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 Overview

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	1200 Shares
Total Issue Size	4,780,851 shares (aggregating up to ₹44.94 Cr)
Fresh Issue	4,780,851 shares (aggregating up to ₹44.94 Cr)
Issue Type	Book Built Issue IPO
Listing At	NSE SME
Share holding pre issue	13,377,605
Share holding post issue	18,158,456

TBI Corn IPO Timeline (Tentative Schedule)

Detail	Description
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

TBI Corn IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	1200	₹112,800
Retail (Max)	1	1200	₹112,800
HNI (Min)	2	2,400	₹225,600

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

TBI Corn IPO Promoter Holding

Share Holding Pre Issue	76.65%
Share Holding Post Issue	57.71%

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.

TBI Corn Limited Financial Information

Period Ended	30 Sep 2023	31 Mar 2023	31 Mar 2022	31 Mar 2021
Assets	9,963.40	12,162.04	4,317.63	4,254.86
Revenue	7,120.28	14,042.63	10,097.26	6,776.38
Profit After Tax	666.75	686.09	45.16	23.93
Net Worth	3,964.81	2,677.81	683.24	512.42
Reserves and Surplus	2,627.05	1,677.49
Total Borrowing	5,140.73	6,352.82	2,549.48	2,300.94
Amount in ₹ Lakhs

Key Performance Indicator

	Pre IPO	Post IPO
EPS (Rs)	5.13	7.34
P/E (x)	18.33	12.8

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.

FAQs for TBI Corn IPO

What is the TBI Corn IPO?

TBI Corn IPO is an NSE SME IPO. They are going to raise ₹44.94 Crores via IPO. The issue is priced at ₹90 to ₹94 per equity share. The IPO is to be listed on NSE.
When will the TBI Corn IPO open?

The IPO is to open on May 31, 2024 for QIB, NII, and Retail Investors.
What is TBI Corn IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is TBI Corn IPO Size?

TBI Corn IPO size is ₹44.94 crores.
What is the TBI Corn IPO Price Band?

TBI Corn IPO Price Band is ₹90 to ₹94 per equity share.
What is TBI Corn IPO Minimum and Maximum Lot Size?

The IPO bid is 1200 shares with ₹112,800.
What is TBI Corn IPO Allotment Date?

TBI Corn IPO allotment date is June 5, 2024.
What is TBI Corn IPO Listing Date?

TBI Corn IPO listing date is June 7, 2024. The IPO to list on NSE SME.