IPO Details
Bidding Dates
31 May 24 - 04 Jun 24
Price Range ₹
90 - 94
Total Equity
₹ 44.94Cr
Lot Size
1200
Exchange Status
NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
0.00×
Qualified Institutional Buyers
0.00×
Employees
0.00×
Retail Investors
0.00×
Total subscription Rate
0.00×
IPO Timeline
Offer start
31 May 2024
Offer end
04 Jun 2024
Allotment
05 Jun 2024
Refund initiation
06 Jun 2024
Demat transfer
06 Jun 2024
Listing
07 Jun 2024
Offer start
31 May 2024
Offer end
04 Jun 2024
Allotment
05 Jun 2024
Refund initiation
06 Jun 2024
Demat transfer
06 Jun 2024
Listing
07 Jun 2024
About Company
Incorporated in 2000, TBI Corn Limited is a manufacturer and exporter of Corn Meal Grits. The company holds ISO 9001:2015 and ISO 22000:2018 certifications. Specializing in the production of high-quality Corn/Maize Grits and related products, TBI Corn Limited operates in the Sangli district of Maharashtra, India. The company offers a variety of products, including fat-free corn grits/meals, corn flakes, stone-free broken maize, corn flour, and turmeric finger. All products are made without chemical additives or preservatives and are GMO-free. TBI Corn Limited exports its products to several countries, including Dubai, Oman, Jordan, South Africa, and Vietnam.
Year Founded
22-06-2022
Promotor Details
Yogesh Laxman Rajhans
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 76.65 | 57.71 |
| Share Capital | 10253481 | 10253481 |
Offer to Public
47,80,800.00 Cr
Project Details
- Expansion of Existing Unit - 168cr
- To Meet Incremental Working Capital Requirements - 170cr
- General Corporate Purpose - 89.44cr
Objectives
- Expansion of Existing Unit
- To Meet Incremental Working Capital Requirement
- General Corporate Purpose.
Highlights
- TBI Corn is a prominent manufacturer and exporter of corn meal grits for snacks, corn flour, namkeen, and brewery industries. The company utilizes state-of-the-art automated machinery with a daily production capacity of 140 tons and holds ISO 22000 and HALAL certifications.
- Over the past three years (FY21-FY23), TBI Corn's revenue has grown from INR 70 Crore to INR 138 Crore, reflecting a remarkable 40% compound annual growth rate (CAGR).
- The company serves major players in the FMCG industry, including PEPSICO, ITC Limited, Balaji Wafers, Kurkure, and Haldiram, showcasing its strong market presence and reliability.
- TBI Corn is projected to generate Rs 500 Crore in revenue with a Rs 50 Crore profit over the next three years, and Rs 800 Crore in revenue with an Rs 80 Crore profit in five years. This suggests a potential for significant investment returns, with a current valuation of Rs 180 Crore and the possibility for investments to grow 5 times in 3 years and 8 times in 5 years.
- Notable investors like Ashish Kacholia and CA Gunmanth Vaid hold significant stakes in TBI Corn, further validating the company's strong business model and growth potential.
Challenges
- The company's top 10 customers accounted for 33.19% and 39.75% of total revenue as of September 30, 2023, and March 31, 2023, respectively. A slowdown in orders from these key customers could adversely affect the business.
- The company's top 10 suppliers made up 49.17% and 47.28% of total purchases as of September 30, 2023, and March 31, 2023, respectively. Losing supplies from these key suppliers could harm the company’s business prospects.
- The company's domestic sales are highly dependent on five states—Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Madhya Pradesh—accounting for 79.18% and 71.52% of total domestic sales as of September 30, 2023, and March 31, 2023, respectively. Disruptions in these states could significantly impact the business.
- The company, its promoter, directors, and group companies are involved in certain legal proceedings. Any adverse decisions in these proceedings could negatively affect the company's business.
- The company has unsecured loans from directors and their relatives, which are repayable on demand. If lenders demand repayment of these loans, it could adversely affect the company's liquidity and business operations.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2024 | 10,170.24 | 1,337.76 | 1,010.10 | 1,010.10 | 7.5507 |
| 2023 | 7,701.99 | 0.56 | 1,010.10 | 1,010.10 | 7.5507 |
