TBI Corn IPO Listing Day Performance

Robust listing for TBI Corn in NSE-SME segment

TBI Corn had a strong listing on 07th June 2024, listing at ₹198.00 per share, a premium of 110.64% over the issue price of ₹94 per share in the IPO. Here is the pre-open price discovery for the TBI Corn IPO on the NSE.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of TBI Corn was a book built IPO in the price band of ₹90 to ₹94 per share. Considering the strong subscription response at over 231X and the anchor allocation being done at the upper end of the band, the price discovery of the IPO also happened at the upper end of the price band at ₹94 per share. On 07th June 2024, the stock of TBI Corn listed at ₹198.00 per share, a premium of 110.64% over the IPO price of ₹94.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹207.90 and the lower circuit price has been set at ₹188.10. 

As of 10.05 am, the volumes were 18.24 lakh shares while the turnover (value) was at ₹3,661 lakhs. The opening market cap of the stock stands at ₹377.51 crore. The stock will be traded in the ST segment of the NSE, which is for compulsory delivery only (Trade for Trade Surveillance Segment - TFTS) under T+1 rolling settlement. At 10.05 am, the stock is trading at ₹207.90, which is above the listing price of ₹198.00 per share and the stock is locked in the upper circuit in the morning after a strong listing. The stock of TBI Corn has a face value of ₹10 per share and the market lot comprises of 1,200 shares. The stock trades under the NSE symbol (TBI) and the ISIN code for demat credits will be (INE0N2D01013).

About the IPO of TBI Corn

The stock of TBI Corn has a face value of ₹10 per share and it is a book built issue. The price for the book building issue is set in the price band of ₹90 to ₹94 per share. Being a book built issue, the final price will be discovered within this band. The IPO of TBI Corn has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, TBI Corn will issue a total of 47,80,851 shares (47.81 lakh shares approximately), which at the upper band IPO price of ₹94 per share aggregates to fresh fund raising of ₹44.94 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 47,80,851 shares (47.81 lakh shares approximately) which at the upper band IPO price of ₹94 per share will aggregate to overall IPO size of ₹49.94 crore.

Like every SME IPO, this issue also has a market making portion. The company has set aside 2,40,000 shares as the market making inventory for the issue. SS Corporate Services Ltd has been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs, post listing. The company has been promoted by Yogesh Laxman Rajhans. The promoter holding in the company currently stands at 76.65%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 57.71%. The fresh issue funds will be used by the company for the expansion of its existing unit as well as to meet its incremental working capital expenditure. A small part of the IPO proceeds has also be set aside for general corporate purposes. Swastika Investmart Ltd and Ekadrisht Capital Private Ltd will be the lead manager to the issue, and KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is SS Corporate Services Ltd. The IPO of TBI Corn will be listed on the SME IPO segment of the NSE.