HMA Agro Industries, a leading buffalo meat exporter, witnessed a moderate start on June 20 during its initial public offering (IPO). On the first day of bidding, the IPO received bids for 214,000 shares, which amounted to approximately 4% of the total IPO size of 6,054,000 shares. Retail investors showed interest by purchasing 200,000 equity shares from the reserved portion, while high-net-worth individuals bid for 8,350 shares against the allotted quota of 1,297,000 shares.
As of now, qualified institutional investors are yet to participate in the IPO.
In preparation for the IPO, HMA Agro Industries had already secured Rs 144 crore through an anchor book on June 19. Consequently, the issue size was reduced from Rs 480 crore to Rs 336 crore.
The primary public offering consists of a fresh issuance of shares worth Rs 150 crore and an offer for sale of Rs 330 crore by the company’s promoters. The proceeds from the fresh issue will primarily be utilized for working capital requirements, while the funds from the offer for sale will be directed to the selling shareholders.
The price band for the IPO, which will conclude on June 23, has been set at Rs 555-585 per share.
HMA Agro Industries is presently one of the largest exporters of frozen buffalo meat products from India, contributing to over 10% of the country’s total export of such products. Their products, which are primarily marketed under the brand names Black Gold, Kamil, and HMA, are exported to more than 40 countries.
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This marks the eighth public issue in the current calendar year, following the IPOs of IKIO Lighting, Nexus Select Trust, Mankind Pharma, Avalon Technologies, Udayshivakumar Infra, Global Surfaces, and Divgi TorqTransfer Systems.
About HMA Agro Industries:
HMA Agro Industries Limited is a company dedicated to manufacturing and exporting food products, with a primary focus on boneless buffalo meat. They serve customers not only in India but also worldwide.
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