TBI Corn IPO booked over 30 times on day 2 so far; check GMP, subscription status, more

TBI Corn IPO has opened for subscription on Friday, May 31, and will close on Tuesday, June 4. The issue's price band has been fixed in the range of ₹90 to ₹94 per share. The TBI Corn IPO lot size is 1,200 shares. The floor price 

50% of the net offer is allocated to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors as equity shares in the initial public offering. Upto 2,40,000 equity shares or 5.02% of the issue has been reserved by market maker. 

According to the Red Herring Prospectus (RHP), the company provides a wide variety of products, such as GMO-free, chemically additive- and preservative-free corn flakes, stone-free broken maize & corn flour, cleaned and fat-free corn grits/meal, and turmeric finger.

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

In addition to ISO certifications, the firm also possesses certifications from APEDA, MSME, and USDA and Indian Organic. Serving nations in the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, South Korea, and eventually, Europe and the US, the company successfully entered foreign markets.

The company does not have exact comparable listed peer, therefore information related to peer group has not been provided, as per the RHP.

Between March 31, 2022, and March 31, 2023, TBI Corn Limited's profit after tax (PAT) climbed by 1419.24% while its revenue increased by 39.07%.

TBI Corn IPO has garnered ₹12.77 crore from anchor investors, according to chittorgarh.com.

TBI Corn IPO subscription status

TBI Corn IPO subscription status is 30.11 times, on day 2, so far. 

The retail portion was subscribed 135.91 times, and NII portion was booked 22.42 times. Qualified Institutions Buyers (QIBs) portion was booked 8%.

The company has received bids for 9,58,10,400 shares against 31,82,400 shares on offer, at 13:33 IST, according to data on chittorgarh.com.

TBI Corn IPO subscription status was 8.37 times, on day 1.

TBI Corn IPO details

The TBI Corn IPO, valued at about ₹44.94 crore, consists of a fresh issuance of 4,780,800 equity shares at face value of ₹10. There's no offer-for-sale component

The proceeds from the new issuance will be used for the following purposes: general corporate purposes, meeting incremental working capital requirements, and expanding the existing unit.

The book running lead managers of the TBI Corn IPO are Swastika Investmart Ltd. and Ekadrisht Capital Private Limited, while the registrar is Kfin Technologies Limited. Ss Corporate Securities is acting as the market maker for the TBI Corn IPO.

Also Read: GSM Foils share price makes muted debut, lists at IPO price on NSE SME

TBI Corn IPO GMP today

TBI Corn IPO GMP today or grey market premium is +84. This indicates TBI Corn share price were trading at a premium of ₹84 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of TBI Corn share price was indicated at ₹178 apiece, which is 89.36% higher than the IPO price of ₹94.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Hero FinCorp IPO: Hero MotoCorp arm to raise ₹4,000 crore via IPO

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.