The public issue of HMA Agro Industries has not seen a great response from investors yet, despite better market conditions. The offer was subscribed 55 percent on June 21, the second day of bidding.
Investors have put in bids for 33.56 lakh equity shares against an IPO size of 60.54 lakh shares, as per the data available with the exchanges.
All kind investors have participated in the offer, but the interest so far remains low. Retail investors have bought 38 percent shares of the allotted quota, while high net-worth individuals have bid 1.20 times the reserved portion.
The part set aside for qualified institutional buyers has been subscribed 37 percent.
The offer was subscribed 32 percent on the day one of bidding, June 20. The subscription will remain open till June 23.
The frozen buffalo meat exporter intends to mobilise Rs 480 crore through an initial public offering which comprises a fresh issue of Rs 150 crore and an offer-for-sale of Rs 330 crore by promoters, with a price band of Rs 555-585 per share.
The company mopped up Rs 144 crore through anchor book on June 19, a day before issue opening, at a price of Rs 585 per share.
The fresh issue proceeds will largely be used for working capital requirements, while the offer-for-sale money will go to selling shareholders.
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