HMA Agro Industries IPO subscribed 32%

Published on Jun 20, 2023 17:07

The initial public offer (IPO) of HMA Agro Industries received bids for 19,66,875 shares as against 60,54,054 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (20 June 2023). The issue was subscribed 0.32 times.

The issue opened for bidding on Tuesday (20 June 2023) and it will close on Friday (23 June 2023). The price band of the IPO is fixed at Rs 555-585 per share. An investor can bid for a minimum of 25 equity shares and in multiples thereof.

The IPO comprises fresh issue of equity shares worth upto Rs 150 crore and an offer for sale of upto Rs 330 crore by the existing shareholders.

The objectives of the fresh issue include Rs 135 crore for funding working capital requirements and balance amount for general corporate purposes.

The promoters and promoter group hold an aggregate of 47,512,875 equity shares, aggregating to 100% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 84.64%.

Ahead of the IPO, HMA Agro Industries on Monday, 19 June 2023, raised Rs 143.99 crore from anchor investors. The board allotted 24.61 lakh shares at Rs 585 each to 7 anchor investors.

HMA Agro Industries is a food trade organization for handled food and agro products including frozen fresh deglanded buffalo meat, prepared/frozen natural products, vegetables, and cereals in India.

The company is one of the largest exporters of frozen buffalo meat products from India and accounts for more than 10% of India`s total export of frozen buffalo meat. The company`s products are packaged under the brand name "Black Gold", "Kamil" & "HMA" and are exported to over 40 countries all over the globe.

The company reported a net profit of Rs 113.24 crore and net sales of Rs 2,370.48 crore for the nine months ended 31 December 2022.