The initial public offering of HMA Agro Industries has seen a tepid start on June 20, the first day of bidding, as the issue garnered bids for 19.66 lakh shares against the IPO size of 60.54 lakh shares, subscribing only around 32 percent.
Retail investors have bought 20 percent shares of the reserved portion, while high networth individuals have bid 55 percent shares against the allotted quota of 12.97 lakh shares.
The portion set aside for qualified institutional investors was subscribed 37 percent.
The buffalo meat exporter has already raised Rs 144 crore via anchor book on June 19 ahead of IPO. Hence, accordingly, the issue size has been reduced to Rs 336 crore from Rs 480 crore.
The maiden public issue comprises a fresh issuance of shares worth Rs 150 crore, and offer for sale of Rs 330 crore by promoters. The company will mainly use its fresh issue proceeds for working capital requirements, while the offer for sale money will go to selling shareholders.
The price band for the offer, which closes on June 23, has been fixed at Rs 555-585 per share.
Also read: HMA Agro Industries IPO opens | 10 key things to know before subscribing offer
HMA Agro is currently among the largest exporters of frozen buffalo meat products from India, accounting for more than 10 percent of India’s total export of frozen buffalo meat. Its products, mainly packaged under the brand name Black Gold, Kamil & HMA, are exported to over 40 countries.
This is the eighth public issue in current calendar year, after IKIO Lighting, Nexus Select Trust, Mankind Pharma, Avalon Technologies, Udayshivakumar Infra, Global Surfaces, and Divgi TorqTransfer Systems.
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
