TBI Corn IPO to Open at ₹90-94 per Share on May 31

TBI Corn is launching its initial public offering (IPO) on Friday, May 31, 2024. The IPO, worth ₹44.94 crore, will close on Tuesday, June 4, 2024. This SME IPO consists of a fresh issue of 47.81 lakh shares.

Price and Investment Details:

• The price band for the TBI Corn IPO is set at ₹90 to ₹94 per share, with each share having a face value of ₹10.
• The minimum lot size is 1,200 shares, requiring a minimum investment of ₹1,12,800 for retail investors.
• Non-institutional investors (NIIs) need to buy at least two lots, amounting to ₹2,25,600.
• 35% of the net issue is reserved for retail investors, 15% for NIIs, and the remaining for qualified institutional buyers (QIBs).

Key Dates:

• The IPO will open for subscription on May 31, 2024, and close on June 4, 2024.
• The allotment of shares is expected to be finalized on June 5, 2024.
• The shares are likely to be listed on NSE SME on June 7, 2024.

Management and Registration:

• Swastika Investmart and Ekadrisht Capital Private Limited are the lead managers for this issue.
• Kfin Technologies Limited is the registrar for the IPO.

Company Overview:

• TBI Corn offers various products such as cleaned and fat-free corn grits, corn flakes, broken maize, corn flour, and turmeric finger.
• The company has shown steady financial growth over the past few years.

Financial Performance:

• Revenue:
  • FY21: ₹66.96 crore
  • FY22: ₹100.97 crore
  • FY23: ₹140.43 crore
  • FY24 (up to September 30, 2023): ₹71.20 crore
• Profit after Tax (PAT):
  • FY21: ₹23.93 lakh
  • FY22: ₹45.16 lakh
  • FY23: ₹6.86 crore
  • FY24 (up to September 30, 2023): ₹6.7 crore

TBI Corn has shown consistent growth in both revenue and profit, making this IPO an interesting opportunity for investors.

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