TBI Corn Makes Smashing Debut On NSE SME Platform

(MENAFN- KNN India) New Delhi, Jun 8 (KNN)
Shares of TBI Corn Limited, a prominent player in the corn milling industry, soared on their market debut, listing at a premium of 110.6 per cent on the NSE SME platform on Friday.

The stock opened at Rs 198, a massive jump from its issue price of Rs 94 per share.

The company's Initial public offering (IPO), which was entirely a fresh equity issue of 47.8 lakh shares, witnessed overwhelming investor demand and was oversubscribed by over 200 times at close.

The strong listing underscores investors' confidence in TBI Corn's business prospects.

Based in Maharashtra's Sangli district, TBI Corn specializes in producing high-quality corn and related products like cleaned and fat-free corn grits, corn flakes, stone-free broken maize, corn flour, and turmeric finger – all without chemical additives, preservatives, or GMOs.

The company holds multiple certifications, including ISO, MSME, APEDA, Indian Organic, and USDA Organic.

The IPO proceeds will be utilised for funding working capital needs, expanding existing units, general corporate purposes, and defraying issue expenses.

TBI Corn has successfully ventured into international markets, exporting to countries in the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, and South Korea, with plans to soon enter Europe and the US.

Its diverse product range caters to the corn starch and cattle feed industries, with scope for further growth in this sector.

The company has dedicated R&D teams to drive continuous innovation and strategic expansion.

The global maize production has witnessed an uptrend, increasing
from 1.14
billion tons in
2019 to 1.16
billion tons in 2020, accompanied by an expansion in the area under cultivation from 196 million hectares to 201 million hectares during the same period. This surge in production has encouraged maize trade worldwide.

Swastika Investmart Limited acted as the lead manager for the IPO, while KFin Technologies Limited was the registrar.

(KNN Bureau)


KNN India

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