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The initial public offering (IPO) of HMA Agro Industries was subscribed to 32 per cent on Tuesday, the first day of the issue. Qualified institutional buyers (QIB) bought 37 per cent, high net worth individuals (HNI) bought 55 per cent, and retail investors bought 20 per cent.
On Monday, the company raised Rs 144 crore through anchor allocation. HMA Agro Industries has set a price band of Rs 555-585 per share for Rs 480-crore initial public offering (IPO). The issue closes on June 23.
Through the IPO, the company is looking to raise Rs 150 crore in fresh capital, which will be used for working capital requirements. The IPO also comprises promoters' secondary share sale of Rs 330 crore.
HMA Agro Industries is one of India's largest exporters of frozen buffalo meat products and accounts for more than 10% of India's total export of frozen buffalo meat. The company owns four packaged meat processing plants located at Aligarh, Mohali, Agra and Parbhani and is setting up a fifth one in Haryana.
