Ahead of the listing, the company’s shares traded with a premium of Rs 66 in the unlisted market.
The IPO, which was completely a fresh equity issue of 47.8 lakh shares, received a bumper response from investors with an overall subscription of over 200 times at close.
The net proceeds from the public offer will be used for funding incremental working capital requirements, expansion of existing units, general corporate purposes, and other public issue-related expenses.
TBI Corn is a prominent player in the corn milling industry. Located in the Sangli district of Maharashtra, it specialises in the production of good-quality corn and related products.The company offers a diverse range of products, including cleaned and fat-free corn grits, corn flakes, stone-free broken maize and corn flour, and turmeric finger, all manufactured without chemical additives or preservatives and GMO-free.Apart from ISO certifications, the company holds certificates from MSME, and APEDA, and is both Indian Organic and USDA Organic certified.TBI Corn has successfully expanded into international markets, serving countries in the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, South Korea, and soon, Europe and the US.
The company’s products cater to the needs of corn starch and cattle feed industries, with potential expansion in this sector. It has dedicated teams for research and development, ensuring continuous innovation and strategic growth.
Global maize production increased from 1.14 billion tons to 1.16 billion tons in 2020. Along with this, the area under its production also increased from 196 million hectares in 2019 to 201 million hectares in 2020. With the increase in production, trade is also encouraged around the world.
Swastika Investmart acted as the lead manager to the issue and Kfin Technologies was the registrar.
