TBI Corn share price makes a bumper debut, stock opens with 110% premium at ₹198 apiece on NSE SME

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₹198, which is 110.64% higher than the issue price of ₹94.TBI Corn IPO subscriptions commenced on Friday, May 31, and concluded on Tuesday, June 4. The issue's price band was set at ₹90-94 per share.

TBI Corn's IPO lot size was 1,200 shares. TBI Corn IPO subscription status was 231.21 times, on the last day of bidding, according to chittorgarh.com.In the initial public offering, 50% of the net offer went to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors as equity shares.

The market maker reserved up to 2,40,000 equity shares (5.02% of the offering).According to the Red Herring Prospectus (RHP), the firm offers a wide range of goods, including GMO-free, chemically additive- and preservative-free corn flakes, stone-free broken maize and corn flour, cleaned and fat-free corn grits/meal, and turmeric finger. The firm does not have a precise equivalent listed peer, hence no peer group information has been supplied.From March 31, 2022 to March 31, 2023, TBI Corn Limited's profit after tax (PAT) grew by 1419.24%, while sales increased by 39.07%.The TBI Corn IPO raised ₹12.77 crore from anchor investors, according to chittorgarh.com.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 componentThe proceeds of the new issuance will be utilized to fund general business objectives, cover incremental working capital requirements, and grow the current unit.Swastika Investmart Ltd. and Ekadrisht Capital Private Limited are the book-running lead managers for the TBI Corn IPO, with Kfin Technologies Limited serving as the registrar.