Shares of Hariom Atta & Spices or HOAC Foods made a rock solid start on its market debut on May 24 after listing at Rs 147, commanding a premium of 206 percent over the issue price of Rs 48 on the NSE SME platform.
The listing gains, however, miss grey market estimates as shares were trading at a premium of over 300 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
Follow our live blog for all the market updates
The Rs 5.54 crore public offer which is a fresh issue of 11.55 lakh shares received staggering investor interest as the issue was subscribed over 2,000 times. Retail individual investors were at the forefront, buying 2,556 times their allotted quota, while non-institutional investors bought 1,433 times their portion reserved for them.
Established in 2018, it specializes in manufacturing flour, spices, and various other food items. The company operates 10 brand outlets comprising 4 owned by the company and 6 owned by franchisees.
The company plans to use the fresh proceeds to fund working capital requirements and general corporate purposes. The price band of the offer was fixed at Rs 48.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
