TBI Corn IPO

    TBI Corn IPO GMP Guidance & Subscription Status at Chanakyanipothi.com,
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    Table of Contents

    TBI Corn IPO Listing Review:
    Post Listing Review: The scrip is listed at Rs.198, premium of 110.64% over the issue price of Rs.94. This listing has been above the expectations of the grey market players.

    TBI Corn IPO, What to do after Listing?:
    The company has shown extraordinary sharp rise in the topline and bottomline during the year 2022-23. We are not sure whether the company can maintain such high profits. If the company can maintain such high profitsin the first 2 quarters of 2024-25, then the shares may show uptrend, otherwise, sharp fall is not ruled out.

    What is the latest GMP of TBI Corn IPO?*
    Premium: Rs.66
    Min Application Rs. 
    Subject to Rs.58600

    Check Subscription status of TBI Corn IPO

    On 4 June 2024 @ 3.00 (Day 3) (Closed)
    Review: Strong trend in RIIs
    QIB:      81.41 T
    NII:     516.50 T
    RII:     523.39 T
    Total: 231.21 T

    Application: 258158 (194.69X)
    Amount wise Subscription: Rs. 23521.15 Crore

    What is the business of TBI Corn?

    The 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, it specializes in the production of high-quality Corn / Maize Grits and related products. Its journey began in 2000 as a partnership firm
    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.

    Apart from ISO certifications, it holds certificates from MSME, APEDA, and are both Indian Organic and USDA Organic certified. It has successfully expanded into international markets, serving countries in the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, South Korea, and soon, Europe and the US.

    Get more information about the company @ https://tbicorn.com/

    TBI Corn IPO Details
    IPO opens on  31 May 2024
    IPO closes on  4 June 2024
    Issue Type Book Built Issue IPO
    Issue Size 4780851 Shares /
    Rs 44.94 Crore
    * Fresh Issue 4780851 Shares /
    Rs 44.94 Crore
    * Offer for Sale  – Shares /
    Rs – Crore
    Market Maker Portion  Shares
    Net offer to Public 4780851 Shares/
    Rs.44.94 Crore
    Face Value per share Rs. 10
    Price Band Rs.90-94
    Employee discount  Rs. 0 per share
    Retail Lot Size  1200 Shares
    Listing will at  NSE SME
    Shares offered in TBI Corn IPO
      Shares Rs. (Crore)
    QIB (50%) 2390425 22.47
    NII  (15%)   717128   6.74
    RII  (35%) 1673298 15.73
    Total Shares  4780851 44.94
    Retail portion will be oversubscribed by  1394
    Forms
    How much Shares to Apply in TBI Corn IPO?
    Min Retail Application 1200 Shares Rs. 112800
    Min HNI Application  2400 Shares Rs.225600

    Who are the Promoters of TBI Corn IPO?
    The promoters of the company are Mr. Yogesh Laxman Rajhans and Mrs. Asha Laxman Rajhans.

    What are the Objects of TBI Corn IPO?

    The Offer comprises only of a Fresh Issue of Equity shares.

    The company intends to utilize the proceeds of the Offer to meet the following objects: –

    1.Expansion of Existing Unit;
    2.To Meet Incremental Working Capital Requirement;
    3.General Corporate Purpose

    TBI Corn IPO Tentative timetable
    IPO opens on 31 May 2024
    IPO Closes on 4 June 2024
    IPO Allotment on  5 June 2024
    Refund Initiation  6 June 2024
    Credit of Shares 6 June 2024
    Listing on 7 June 2024
    Registered Office of the Company
    TBI Corn Limited
    A5/3 & A5/4, MIDC,
    Miraj, Tal- Miraj
    Dist- Sangli 416410

    Who is the Lead Manager of TBI Corn IPO?
    Swastika Investmart Ltd 
    Ekadrisht Capital Private Ltd

    Who is the Registrar to IPO?
    Kfin Technologies Limited
    TBI Corn IPO Financial & Analytical Ratios
    Year Total Income Net Profit EPS RoNW
      Rs.in Cr Rs.in Crore Rs. %
    2020-21 67.76 0.24 4.67 4.67
    2021-22 100.97 0.45 6.61 6.61
    2022-23  140.42 6.86 4.89 4.89
    Book Value of the Share on (reworked after Bonus) 30.09.2023 Rs 29.64    
    BV of the Share at cap price after the IPO Rs.     
    Offer Price/upper band   Rs. 94    
    TBI Corn IPO
    Key Performance indicators
    Price/last EPS of 22-23  27.15
    Price/BV Ratio 20.85
    Upper price/BV after IPO 


    How TBI Corn IPO compares with the Peers?
    The Company does not have exact comparable listed peer, therefore information related to peer group has not been provided.

    As per DRHP FV Total Income PE Ratio
      Rs. In Cr. @
         

     

    # This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

    TBI Corn IPO To the point Guidance
    The 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, it specializes in the production of high-quality Corn / Maize Grits and related products. Its journey began in 2000 as a partnership firm
    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.
    Size:  The net offer is of Rs. 44.94 Crore/4780851 shares. Retail portion is Rs. 15.73 crore and it can get one time subscribed with 1394 applications. The size of the IPO is very large, looking to the investor frenzy and one time over subscription may not be an issue. 
    Financial Snapshot:
    The company has issued 11212000 bonus shares on 30 Septmeber 2023 on earlier equity capital of 5606 shares and accordingly, we have to rework EPS of the last 3 years based on enlarged Equity share Capital. The company has total income of Rs. 67.76 Crore in the year 2020-21 which has increased to Rs. 140.42 Crore in the year 2022-23 whereas the net profit has increase from just Rs. 24 lacs to Rs. 6.86 crore in between these two years. Such exorbitant rise in the profits raises eyebrows. The reworked EPS for 2022-23 comes to Rs. 6.11. We are not sure whether the company can maintain such high profitability. From fundamental angle, we do not recommend this IPO. 

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    TBI Corn
    IPO GMP today details?

    TBI Corn IPO

    TBI Corn IPO FAQs

    What is TBI Corn IPO?

    TBI Corn is a SME IPO of 4780851 equity shares of the face value of Rs. 10 aggregating up to Rs.44.94 Crores. The issue is priced at Rs.90-94 per share. The minimum order quantity is 1200 Shares.

    When will TBI Corn IPO open?
    TBI Corn IPO opens on May 31, 2024, and closes on June 4, 2024.

    What is the lot size of TBI Corn IPO?
    TBI Corn IPO lot size is 1200 Shares, and the minimum amount required is Rs.112800.

    How to apply for TBI Corn IPO?
    You can apply in TBI Corn IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don’t offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

    When is TBI Corn IPO allotment?
    The finalization of Basis of Allotment for TBI Corn IPO will be done on 5 June, 2024, and the allotted shares will be credited to your demat account by June 6, 2024.

    When is TBI Corn IPO listing date?
    TBI Corn IPO listing date is June 7, 2024.

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