NSE SME HOAC Foods India soars on debut

Shares of HOAC Foods India were quoting at Rs 139.65 on the NSE, a premium of 191% compared with the issue price of Rs 48.

The scrip was listed at Rs 147, a premium of 206.25% compared with the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 147 and a low of Rs 139.65. About 3.66 lakh shares of the company changed hands at the counter.

HOAC Foods India's IPO was subscribed 1834.01 times. The issue opened for bidding on 16 May 2024 and it closed on 21 May 2024. The price of the IPO was fixed at Rs 48 per share.

The IPO comprised fresh issue of 11,55,000 shares. The promoter and promoter shareholding will dilute to 69.95% from 99.99% pre-IPO.

The company intends to utilize the net proceeds for funding the working capital requirements of the company and for general corporate purposes.

HOAC Foods India ("Hariom" brand) makes and sells flour, spices, pulses, grains, and mustard oil in Delhi-NCR through exclusive stores (4 company-owned, 6 franchised) and online channels. They also offer tea masala and other groceries. As of Dec 31, 2023, they employed a total of 50 people with a manufacturing facility in Gurugram.

The company recorded revenue from operations of Rs 11.48 crore and net profit of Rs 0.74 crore for the period as on 31 December 2023.

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