HMA Agro IPO: 91% Subscription on Day 3; Check details now

EMS IPO: 23x subscription on day 3, retail segment 22.6x booked

HMA Agro IPO Subscription Reaches 91% on Day 3

HMA Agro Industries Ltd’s Initial Public Offering (IPO) witnessed a subscription rate of 91% on the third day of its offering. The IPO, which commenced on Tuesday, June 20, is scheduled to conclude on Friday, June 23.

During the third day of subscription, Non-Institutional Investors (NIIs) displayed significant interest, subscribing to the offering 1.72 times. Qualified Institutional Buyers (QIBs) followed suit, subscribing 1.04 times, while retail investors subscribed to 48% of the offering.

As of 14:05 IST, the company received bids for 54,97,825 shares out of the total 60,54,054 shares on offer, according to data from the BSE.

The retail investors’ portion received bids for 14,56,375 shares out of the 30,27,027 shares available for this segment.

Non-institutional investors’ portion garnered bids for 22,37,125 shares against the 12,97,298 shares on offer for this segment.

The QIBs portion received bids for 18,04,325 shares against the 17,29,729 shares on offer.

Notably, there were no subscriptions for the employees’ portion.

HMA Agro Industries Ltd has set the price band for the IPO at ₹555 to ₹585 per equity share.

On Monday, June 19, the company successfully raised ₹144 crore by allocating 24,61,537 shares to anchor investors.

Several investors participated in the anchor book, including Craft Emerging Market Fund PCC, Minerva Ventures Fund, Forbes EMF, Coeus Capital Opportunities Fund, Radiant Global Fund, and Absolute Returns Scheme. Craft Emerging Market Fund PCC emerged as the largest investor, investing ₹70 crore through Citadel Capital Fund and Elite Capital Fund in HMA Agro.

The minimum bid for the IPO is 25 equity shares, with subsequent bids required to be made in multiples of 25 shares. Qualified Institutional Buyers (QIBs) will receive approximately 50% of the offering, followed by non-institutional investors (15%) and retail investors (35%).

HMA Agro, an exporter of frozen buffalo meat, aims to raise ₹480 crore through the IPO, with ₹330 crore worth of shares being offered for sale by the promoters and ₹150 crore through fresh issuance.

The selling shareholders participating in the offer for sale include Parvez Alam, Zulfiqar Ahmad Qurashi, Mohammad Ashraf Qureshi, Wajid Ahmed, and Gulzar Ahmad.

The net proceeds from the public offering, primarily ₹135 crore, will be utilized for the company’s working capital requirements, in addition to general corporate purposes. However, the company itself will not receive any funds from the offer for sale, as the proceeds will go to the selling shareholders.

Bigshare Services serves as the Registrar for the issue, while Aryaman Financial Services acts as the sole Book Running Lead Manager.

The share allocation process is expected to be completed on Thursday, June 29, and the shares will be listed on the BSE and NSE on Tuesday, July 4.

About HMA Agro:

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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