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HMA Agro Industries IPO: The initial public offering (IPO) of HMA Agro Industries received a muted response from investors. The issue was subscribed just 56 percent on day 2, June 21, 2023. The company has received bids for 33,66,275 shares against 60,54,054 shares on offer, according to data from the BSE.
The non-institutional investors (NII) quota was subscribed the most 1.20 times, while the part reserved for qualified institutional buyers (QIB) was subscribed 37 percent and the portion for retail investors garnered only 39 percent bids.
The retail investors' portion received bids for 11,73,050 shares against 30,27,027 shares on offer for this segment, whereas the NII portion received bids for 15,52,525 shares against 12,97,298 on offer for this segment. Meanwhile, the QIBs portion received bids for 6,40,000 shares against 17,29,729 on offer for this segment.
The employees' portions did not receive any subscription.
The IPO opened for subscription today, June 20, 2023, and will close on June 23, 2023 (Friday). This is the second IPO to be launched in the month of June, but the issue is not tracked by most analysts.
The price band for the offer has been fixed at ₹555-585 per share and investors can bid for a minimum of 25 equity shares and in multiples thereafter.
The company aims to raise ₹480 crore via the IPO comprising of fresh issuance of shares worth ₹150 crore and an offer for sale (OFS) for ₹330 crore by promoters.
The proceeds from the IPO will be used to meet working capital requirements ( ₹135 crore), besides general corporate purpose. However, it will not receive any proceeds from the offer for sale. The entire offer for sale proceeds will go to selling shareholders.
HMA Agro Industries is currently one of the largest exporters of frozen buffalo meat products from India and accounts for more than 10 percent of India’s total export of frozen buffalo meat. Its products are self-branded, packaged under the brand name 'Black Gold', 'Kamil' and 'HMA' and are exported to over 40 countries.