TBI Corn is a prominent player in the corn milling industry. Located in the Sangli district of Maharashtra, India, it specializes in the production of high-quality corn/maize grits and related products. 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, preservatives, and GMOs.
| Bidding Dates |
|---|
| 31 May 2024 - 04 Jun 2024 |
| Subscription |
|---|
| 215.07x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,08,000 | 1 | 1 | 1200 | 4.8 M | ₹90 - ₹94 | 56.47 % | ₹430.3 M - ₹449.4 M | RHP DOC |
TBI Corn IPO SUBSCRIPTION STATUS
04 Jun '24TBI Corn IPO overall subscription rate was 215.07 times the total available shares
TBI Corn IPO retail subscription rate was 258.62 times in the retail segment
TBI Corn IPO non-institutional investor subscription rate was 686.23 times in the non-institutional investor category
TBI Corn IPO Qualified Institutional Bidder subscription rate was 43.23 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
04 Jun 2024 (Day 3) | 258.62x | 686.23x | 43.23x |
03 Jun 2024 (Day 2) | 117.13x | 64.66x | 0.12x |
31 May 2024 (Day 1) | 17.64x | 8.91x | 0.01x |
TBI Corn FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY24 | 76.6 | 1,010.5 | -180.4 | -196.7 | 13.8% |
| FY23 | 68.6 | 1,393.0 | -51.0 | -56.7 | 9.9% |
| FY22 | 4.5 | 1,002.9 | 45.4 | 26.6 | 3.13% |
| FY21 | 2.4 | 669.6 | -68.5 | -74.8 | 3.7% |
TBI Corn IPO SUBSCRIPTION STATUS DETAILS
TBI Corn had 4.8 M shares on offer
TBI Corn IPO offer price was in the range ₹90 - ₹94
TBI Corn IPO minimum Investment was ₹108000
TBI Corn IPO issue size was ₹ 430.3 M - ₹ 449.4 M
TBI Corn had a minimum lot size of 1200 Shares per application
TBI Corn NUMBER OF SHARES ON OFFER
TBI Corn IPO IMPORTANT DATES
| Issue Open Date | 31 May 2024 |
| Issue close Date | 04 Jun 2024 |
| Allotment Date | 05 Jun 2024 |
| Refund Date | 06 Jun 2024 |
| Demat Account Credit Date | 06 Jun 2024 |
| Listing Date | 07 Jun 2024 |
| Listing on Exchange(s) | NSE |
| TBI Corn Allotment Status | Exchange |
TBI Corn IPO subscription opened on 31 May 2024, and closed on 04 Jun 2024
IPO allotment for TBI Corn was finalized on Wednesday, 05 Jun 2024
IPO listing for TBI Corn was on NSE on Friday, 07 Jun 2024
TBI Corn IPO LISTING GAINS
| Issue Price (adjusted) | 94.0 |
| Listing Open Price | 198.0 |
| Listing Close Price | 207.9 |
| Listing Gain% | 110.6% |
| Current Gain% | -35.0% |
TBI Corn Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TBI Corn Ltd. | 61.2 | 111 | 6 | 0.2 | 0.4 | 15.5 | 7.7 | 304.6 | 42.4 | 18.6 | 36.5 | 10.2 | 36.5 |
| LT Foods Ltd. | 419.3 | 14560.3 | 22.7 | 7.2 | 1.3 | 13.8 | 6.9 | 11023.1 | 25.7 | 625.4 | 3.3 | 18.4 | 3.2 |
| Godrej Agrovet Ltd. | 546.4 | 10510.6 | 23.5 | -12.9 | 1 | 23.3 | 7.7 | 10338.5 | 9.7 | 472.8 | 10 | 23.2 | -1.8 |
| KRBL Ltd. | 370.6 | 8481.5 | 13.1 | 0.4 | 1.4 | 11.2 | 9.8 | 6168.2 | 9.1 | 648 | 36.1 | 28.3 | 36.1 |
| Gujarat Ambuja Exports Ltd. | 168.9 | 7745.6 | 18.6 | 0.2 | 1.3 | 9.2 | 7.3 | 5835.8 | 24.3 | 304.3 | 22 | 9.1 | 75.1 |
| Kaveri Seed Company Ltd. | 799 | 4110 | 13.9 | 2.7 | 2.9 | 16.8 | 10.7 | 1424.1 | 13.8 | 295.8 | 5.2 | 57.5 | 5.2 |
TBI Corn INFORMATION ON IPO ISSUE
About TBI Corn
TBI Corn is a prominent player in the corn milling industry. Located in the Sangli district of Maharashtra, India, it specializes in the production of high-quality corn/maize grits and related products. 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, preservatives, and GMOs.
Object of the Issue
- Expansion of existing unit
- To meet incremental working capital requirement
- General corporate purpose
TBI Corn - PROMOTERS
| Name |
|---|
| Yogesh Laxman Rajhans |
TBI Corn Lead Manager of the Issue
Swastika Investmart Limited
merchantbanking@swastika.co.in
Ekadrisht Capital private Limited
krunal@ekadrisht.com
TBI Corn Registrar to the issue
Kfin Technologies Private Limited
tbi.ipo@kfintech.com
TBI Corn Strengths
Resilience against price fluctuations
The company has adopted a strategy of maintaining its stock in alignment with customer orders. This safeguards against panic-driven purchases during price escalations. The company's inventory practices ensure a steady availability of stock to navigate challenging periods
Strong demand
The company's products have a strong demand that surpasses its production capacity. It also has an abundant supply of raw materials that exceeds production capacity
Strategic location
The company's headquarters are located in Sangli, a prominent maize market in India. The surrounding regions in Maharashtra and Karnataka are known for high-quality corn
TBI Corn Risks
Dependent on few customers
The company is substantially dependent on its key customers, from whom it derives a significant portion of its revenues. The loss of any significant clients may have a material and adverse effect on the business and results of operations
Legal proceedings
The company, its promoter, directors, and the group company are involved in certain legal proceedings. Any adverse decision in such proceedings may render them liable to liabilities or penalties and may adversely affect the business
Competitive markets
The company participates and operates in competitive markets with low barriers to entry, which may increase competition and have a material adverse effect on the business and financial condition
IPO FAQs
The promoter of the company is Yogesh Laxman Rajhans.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 90.0 - 94.0.
The IPO application opens on May 31, 2024 and closes on Jun 04, 2024.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 108,000.0, the maximum value for this IPO is Rs 112,800.0.
This IPO will be allotted on Jun 05, 2024.
The refund will be credited to your account on Jun 06, 2024.
The allotted shares will be credited to your demat on Jun 06, 2024.
TBI Corn Ltd.’s shares listed on the stock exchanges on Jun 07, 2024.