TBI Corn IPO price band set at ₹90-94 per share; issue to open on May 31

Share

Tweet

Share

Share

Email

Comments

TBI Corn IPO: TBI Corn’s initial public offering (IPO), a book-built issue of ₹44.94 crore, is all set to open for subscription on Friday, May 31, 2024, and close on Tuesday, June 4, 2024. The SME IPO is entirely a fresh issue of 47.81 lakh shares.

The TBI Corn IPO price band has been fixed at ₹90 to ₹94 per share with a face value of ₹10 each, and the IPO lot size is 1,200 shares. Retail investors can buy one lot, with the minimum investment amount required for them being ₹1,12,800. The minimum lot size required for NIIs is two lots, amounting to ₹2,25,600.

Read More: RVNL Jumps 8%, Shares Rally 110% In 2024 So Far; What Do Analysts Say?

Not less than 35 per cent of the net issue is reserved for retail investors, while not less than 15 per cent of the net issue is reserved for non-institutional investors (NIIs). The rest is for the QIBs.

Swastika Investmart and Ekadrisht Capital Private Limited are the issue’s book-running lead managers. Kfin Technologies Limited is the registrar for the TBI Corn IPO.

The allotment for the TBI Corn IPO is expected to be finalised on Wednesday, June 5, 2024. The tentative listing date of TBI Corn shares is Friday, June 7. The company’s shares will be listed on NSE SME.

Read More: Ashok Leyland share price gains as analysts maintain positive view after Q4 results. Should you buy the stock?

TBI Corn offers diverse products, including cleaned and fat-free corn grits, corn flakes, broken maize, corn flour and turmeric finger.

The company’s key financial parameters have seen a gradual increase over the last few financial years.

The company’s revenue for FY21, FY22, and FY23 stood at ₹66.96 crore, ₹100.97 crore, and ₹140.43 crore, respectively. In FY24, until September 30, 2023, the company earned revenue of ₹71.20 crore.

Read More: Hyundai Motor IPO: What we know so far about issue which may be India’s biggest

The company’s profit after tax (PAT) for FY21, FY22 and FY23 stood at ₹23.93 lakh, ₹45.16 lakh and ₹6.86 crore, respectively. In FY24, until September 30, 2023, the company earned a profit of ₹6.7 crore.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.