TBI Corn shares made a stellar debut on the NSE SME today, opening at ₹198, a 110.64% increase from the issue price of ₹94.
The TBI Corn IPO, which ran from Friday, May 31, to Tuesday, June 4, was offered at a price band of ₹90-94 per share with a lot size of 1,200 shares. On the final day of bidding, the IPO was subscribed 231.21 times, according to chittorgarh.com.
In the IPO, 50% of the net offer was allocated to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors. The market maker reserved 2,40,000 equity shares, amounting to 5.02% of the offering.
TBI Corn Limited offers a variety of products, including GMO-free, chemically additive- and preservative-free corn flakes, stone-free broken maize and corn flour, cleaned and fat-free corn grits/meal, and turmeric finger, as per the Red Herring Prospectus (RHP). The company does not have a direct listed peer, so no peer group information was provided.
From March 31, 2022, to March 31, 2023, TBI Corn Limited’s profit after tax (PAT) surged by 1419.24%, with sales increasing by 39.07%. The IPO raised ₹12.77 crore from anchor investors.
The TBI Corn IPO, valued at approximately ₹44.94 crore, included a fresh issuance of 4,780,800 equity shares at a face value of ₹10 each, with no offer-for-sale component. The proceeds will be used for general business purposes, incremental working capital requirements, and expanding the current unit.
Swastika Investmart Ltd. and Ekadrisht Capital Private Limited were the book-running lead managers, with Kfin Technologies Limited serving as the registrar. Ss Corporate Securities acted as the market maker for the IPO.
