TBI Corn Limited IPO Date, Review, Price, Allotment Details

TBI Corn Limited is launching an Initial Public Offering (IPO) valued at ₹44.94 crores, consisting entirely of a fresh issue of 47.81 lakh shares.

**Key Dates:**
– **Subscription Period:** May 31, 2024, to June 4, 2024
– **Allotment Finalization:** June 5, 2024
– **Listing Date:** June 7, 2024 (NSE SME)

**Pricing and Investment:**
– **Price Band:** ₹90 to ₹94 per share
– **Minimum Lot Size:** 1200 shares
– **Minimum Investment for Retail Investors:** ₹112,800
– **Minimum Investment for High Net-Worth Individuals (HNI):** ₹225,600 (2 lots)

The IPO is managed by Swastika Investmart Ltd and Ekadrisht Capital Private Limited, with Kfin Technologies Limited as the registrar and Ss Corporate Securities as the market maker.

**IPO Details:**
– **Face Value:** ₹10 per share
– **Total Issue Size:** 4,780,800 shares (₹44.94 crores)
– **Market Maker Portion:** 240,000 shares (managed by Ss Corporate Securities)

**Shareholding Structure:**
– **Pre-Issue Shareholding:** 13,377,605 shares
– **Post-Issue Shareholding:** 18,158,405 shares

### TBI Corn IPO Reservation

The IPO offers shares in the following categories:
– **Qualified Institutional Buyers (QIBs):** Not more than 50% of the net issue
– **Retail Investors:** Not less than 35% of the net issue
– **Non-Institutional Investors (NIIs or HNIs):** Not less than 15% of the net issue

### Tentative Timeline

– **IPO Opens:** May 31, 2024
– **IPO Closes:** June 4, 2024
– **Basis of Allotment:** June 5, 2024
– **Refunds Initiation:** June 6, 2024
– **Credit of Shares to Demat Accounts:** June 6, 2024
– **Listing Date:** June 7, 2024
– **Cut-off Time for UPI Mandate Confirmation:** 5 PM on June 4, 2024

### Lot Size and Investment

Investors can bid for a minimum of 1200 shares. The investment details are:
– **Retail Investors:** Minimum and maximum investment of ₹112,800 (1200 shares)
– **HNIs:** Minimum investment of ₹225,600 (2400 shares)

### Promoters and Business Overview

The promoters of TBI Corn Limited are Mr. Yogesh Laxman Rajhans and Mrs. Asha Laxman Rajhans. Incorporated in 2000, TBI Corn Limited specializes in the manufacturing and export of Corn Meal Grits. The company is ISO 9001:2015 and ISO 22000:2018 certified.

**Core Products:**
– Fat-free corn grits/meals
– Corn flakes
– Stone-free broken maize and corn flour
– Turmeric finger

The company emphasizes producing GMO-free products without chemical additives or preservatives. TBI Corn exports to countries including Dubai, Oman, Jordan, South Africa, and Vietnam. As of December 31, 2023, the company employed 48 people.

### Financial Information (Restated)

**Key Performance Indicators (as of Dec 31, 2023):**
– **Market Capitalization:** ₹170.69 crores
– **Return on Equity (ROE):** 18.84%
– **Return on Capital Employed (ROCE):** 18.65%
– **Debt/Equity Ratio:** 0.43
– **Return on Net Worth (RoNW):** 18.84%
– **Profit After Tax (PAT) Margin:** 7.59%

### IPO Objectives

The proceeds from the TBI Corn IPO will be used for the following purposes:

1. **Expansion of Existing Unit:** Funds will be allocated to enhance and increase the production capacity of the company’s existing manufacturing facilities.
2. **Incremental Working Capital Requirement:** A portion of the proceeds will be used to meet the additional working capital needs to support the company’s growth and operational efficiency.
3. **General Corporate Purposes:** The remaining funds will be utilized for general corporate purposes, which may include administrative expenses, strategic initiatives, and other business-related expenditures.

Profit Must