Unlisted shares of TBI Corn Limited are trading Rs 84 higher in the grey market, expecting a 89.36 per cent listing gain from the public issue.
TBI Corn IPO: The initial public offering of TBI Corn Ltd, which opened for public subscription on May 31, has so far received a decent response from investors. Till 11:25 am on the second day of bidding on Monday, the Rs 44.94-crore SME IPO received a 22.62 times subscription, garnering bids for 7,19,94,000 shares as against 31,82,400 shares on offer.
The retail category has received a 99.85 times subscription, while the non-institutional investor (NII) category got a 18.83 times subscription. The QIB category received 6 per cent subscription.
The TBI Corn IPO will be closed on June 4. The TBI Corn IPO allotment will likely be finalised on June 5, while the listing will take place on June 7 on the NSE SME.
The price of the IPO was fixed at Rs 104-110 per share.
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TBI Corn IPO GMP Today
According to market observers, unlisted shares of TBI Corn Limited are trading Rs 84 higher in the grey market as compared with its issue price. The Rs 84 grey market premium or GMP means the grey market is expecting a 89.36 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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About TBI Corn IPO
TBI Corn IPO is entirely a fresh issue of 47.81 lakh shares. The IPO opens for subscription on May 31, 2024 and closes on June 4, 2024.
The price band of the TBI Corn IPO has been fixed at Rs 90 to Rs 94 per share. The minimum lot size for an application is 1,200 shares. The minimum amount of investment required by retail investors is Rs 1,12,800. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to Rs 2,25,600.
Swastika Investmart Ltd and Ekadrisht Capital Private Limited are the book running lead managers of the TBI Corn IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for TBI Corn IPO is Ss Corporate Securities.
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TBI Corn’s revenue rose 39.07 per cent and its profit after tax (PAT) surged 1419.24 per cent between the financial year ending with March 31, 2023 and March 31, 2022.
TBI Corn Limited, established in 2000, is a manufacturer and exporter of Corn Meal Grits. The Company is ISO 9001:2015 and ISO 22000:2018 certified. The company specialises in producing high-quality Corn/Maize Grits and related products in the Sangli district of Maharashtra, India.
The company sells various products, including fat-free corn grits/meals, corn flakes, stone-free broken maize and corn flour, and turmeric finger.
