TBI Corn Limited is coming up with an IPO consisting of a fresh issue of 47,80,800 shares worth INR 44.94 crores. The company aims to expand the existing unit and meet incremental working capital requirements and general corporate purposes.
TBI Corn Limited IPO – Important Dates
| TBI Corn Limited IPO Date | May 31, 2024 to June 4, 2024 |
| TBI Corn Limited IPO Listing Date | June 7, 2024 |
| TBI Corn Limited IPO Price | INR 90-94 per share |
| TBI Corn Limited IPO Lot Size | 1200 shares |
| TBI Corn Limited IPO Total Issue Size | INR 44.94 crores |
| TBI Corn Limited IPO Basis of Allotment | June 5, 2024 |
| TBI Corn Limited IPO Initiation of Refunds | June 6, 2024 |
| TBI Corn Limited IPO Credit of Shares to Demat | June 6, 2024 |
| TBI Corn Limited IPO Issue Type | Book Built Issue IPO |
| TBI Corn Limited IPO Listing At | NSE SME |
TBI Corn IPO – Company Profile
TBI Corn Limited offers GMO-free, additive-free corn products and turmeric, including corn grits, corn flakes, broken maize, and corn flour. It serves international markets with various organic and ISO certifications.
TBI Corn Limited, certified by ISO, MSME, APEDA, Indian Organic, and USDA Organic, exports GMO-free corn products and turmeric to the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, South Korea, Europe, and the US.
They supply renowned Indian companies with high-quality corn products for corn starch and cattle feed industries. Known for innovation and excellence, they aim to expand globally with dedicated R&D teams ensuring continuous growth and quality.
TBI Corn Limited IPO Review
TBI Corn Limited Technologies’ financial analysis reveals a mixed performance. Revenue increased but fell short this year. Equity rose, and debt reliance decreased. Profitability and RoNW improved, while EPS declined. Total assets and current ratio increased.
- Revenue Trend: The revenue increased from ₹ 10,028.55 lakhs in March 2022 to ₹13,930.48 lakhs in March 2023. The revenue for the current year’s 9-month period ending December 2023 is INR 10,104.61 lakhs.
- Equity and Liabilities: Equity has shown a consistent increase over the periods, reflecting potential growth and expansion. However, the debt-equity ratio has decreased, indicating reduced reliance on debt financing.
- Profitability: The profit after tax (PAT) has significantly decreased from ₹ 45.16 lakhs in March 2022 to ₹ 766.45 lakhs by December 2023. This improvement in profitability could be a source of confidence among investors.
- Earnings per Share (EPS): The diluted EPS has declined from ₹ 805.53 in March 2022 to ₹18.63 by December 2023, reflecting lower earnings per share for investors.
- Return on Net Worth (RoNW): The RoNW has grown from 6.61% to 18.84%, indicating an increase in the company’s ability to generate returns on shareholder equity.
- Financial Position: Total assets have increased, suggesting potential business growth. However, the current ratio has increased, indicating strengthening liquidity and potential challenges in meeting short-term obligations.
TBI Corn IPO Fundamental Analysis
| Particular | As of 31 March 2022 | As of 31 March 2023 | As of 31 December 2023 |
| Revenue (₹ in lakhs) | 10,028.55 | 13,930.48 | 10,104.61 |
| Equity (₹ in lakhs) | 683.24 | 1,678.05 | 4,067.70 |
| Expenses (₹ in lakhs) | 10,046.91 | 13,113.75 | 9,172.04 |
| Profit and Loss After Tax (₹ in lakhs) | 45.16 | 686.09 | 766.45 |
| Diluted EPS only (₹) | 805.53 | 11,365.72 | 18.63 |
| Return on Net Worth (%) | 6.61 | 37.97 | 18.84 |
| NAV per Equity Share (₹) | 12,187.62 | 29,933.17 | 30.41 |
| Total Assets (in lakhs) | 4,317.63 | 7,701.99 | 9,511.50 |
| Total Liabilities (in lakhs) | 3,634.39 | 6,023.94 | 5,443.8 |
| Debt Equity Ratio | 1.57 | 0.83 | 0.43 |
| Current Ratio (in times) | 3.34 | 3.56 | 29.78 |
TBI Corn Ltd IPO Peer Comparison
Peer group information is unavailable due to the absence of exact comparable listed peers.
TBI Corn Limited IPO Objective
The main objective of TBI Corn Limited is to expand the existing unit and to meet incremental working capital requirements.
- Expansion of Existing Unit: The company intends to utilize INR 16.80 crores to expand production capacity and upgrade machinery, driven by industry growth, changing consumption patterns, and the need to address international demand for dry-milled corn products.
- To Meet Incremental Working Capital Requirement: The company intends to utilize INR 17 crores from the Issue to meet increasing Net Working Capital needs, which are estimated to reach INR 72.52 crores in 2024-25 and INR 102.16 crores in 2025-26.
- General Corporate Purpose: The company will allocate funds to general corporate goals, including strategic initiatives, funding growth opportunities, meeting expenses, brand building, strengthening marketing activities, and addressing ongoing corporate exigencies.
TBI Corn IPO Risks And Challenges
TBI Corn Limited’s risk includes heavy reliance on key customers and top 10 suppliers, and dependence on five states for domestic sales. Loss of clients, suppliers, or sales disruptions could significantly impact revenue and operations.
- Their business heavily relies on key customers for significant revenue. Losing any major clients could materially and adversely impact the business and operational results.
- Their domestic sales rely heavily on Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Madhya Pradesh, which generate over 93% of revenue. Any disruption in sales to these states could significantly impact their income.
- Their reliance on the top 10 suppliers for significant purchases poses risks. The loss of these suppliers could adversely affect stock and revenue. While seeking new suppliers, there’s no assurance of maintaining or replacing them timely.
TBI Corn Limited IPO – Industry & Market Potential
The global Corn Grit market, impacted by COVID-19, is expected to grow from its 2021 size with a CAGR from 2022-2028. Key markets include the U.S., China, and Europe, with notable growth in Japan and South Korea.
Corn grits in India are in high demand due to their purity, nutritional content, and shelf life. A supply chain has emerged for both national and international distribution.
In India, broken maize demand is driven by the animal feed industry, especially poultry and dairy farming. It’s essential for feed formulations and is used in corn-based snacks and various industrial applications.
TBI Corn Ltd IPO – Type of Offer
TBI Corn Limited is coming up with an IPO consisting of a fresh issue of 47,80,800 shares worth INR 44.94 crores. The company aims to expand the existing unit and meet incremental working capital requirements and general corporate purposes.
TBI Corn IPO Offer Size
The offer size of TBI Corn Limited is INR 44.94 crores, consisting of a fresh issue of 47,80,800 shares. The company seeks funds to expand the existing unit, meet incremental working capital requirements, and for general corporate purposes.
TBI Corn Ltd IPO Allotment Structure
TBI Corn Limited’s allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 35% for Non-Institutional Investors (NII), and 15% for Retail Individual Investors (RII) according to SEBI regulations. 240,000 shares are reserved for market makers.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 35% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs.2 lakhs.
● Retail Individual Investors (RII): The remaining 15% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs.2 lakhs.
● Market Maker Reservation: A portion of shares, i.e. 240,000 shares, are reserved for marker makers.
How to apply for a TBI Corn Limited IPO?
To apply for the TBI Corn Limited IPO through Alice Blue, you would typically follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the TBI Corn Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the TBI Corn Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
How do you check TBI Corn Limited’s IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or their trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the TBI Corn Limited IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the TBI Corn Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, it’s recommended that you contact Alice Blue’s customer support for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the TBI Corn Limited IPO:
● Registrar’s Website: Visit the website of Kfin Technologies Limited, the registrar of the TBI Corn Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● NSE SME: You can also check the allotment status on the official websites of the National Stock Exchange (NSE) Small Medium Exchange (SME). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
TBI Corn Limited Ltd IPO Offer Registrar
The registrar for the TBI Corn Limited IPO is Kfin Technologies Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
KFIN TECHNOLOGIES LIMITED
Selenium Tower-B, Plot 31 & 32, Gachibowli,
Financial District, Nanakramguda, Serilingampally, Hyderabad
500 032, Telangana, India.
Tel No.: +91 40 6716 2222;
Email Id: [email protected];
Website: www.kfintech.com
TBI Corn Limited Limited IPO – FAQs
The allotment date of the TBI Corn Limited IPO is June 5, 2024.
The price band of the issue is INR 90-94 per share.
The offer size of TBI Corn Limited is INR 44.94 crores, consisting of a fresh issue of 47,80,800 shares. The company seeks funds to expand the existing unit, meet incremental working capital requirements, and for general corporate purposes.
The listing date of TBI Corn Limited’s IPO is June 7, 2024.
