HMA Agro IPO issue closes today

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The IPO of ₹480 crore HMA Agro IPO will close on Friday. The IPO price is 555-585 dollars per share. The lot size for the HMA Agro Industries IPO is 25 shares.

Subscription details

On the penultimate day of the issuance closing, the issuance saw a response from all classes of investors, especially the ultra-high net worth individuals. While the shares of individual investors subscribed by 54 percent, the non-institutional bidders subscribed by 1.92 percent and the share of qualified institutional buyers by 1.04 percent. Overall, the IPO received bids for 59.46 lakh shares against 60.54 lakh offered.

The company has reserved 50 percent of the net offering for qualified institutional buyers, 15 percent for non-institutional investors and 35 percent for retail investors.

Problem details

HMA Agro, which deals in buffalo meat and allied products contributing 97 per cent of its total revenue from operations, consists of a new issue of Rs 150 crore and offer for sale worth Rs 330 crore by the promoters – Wajid Ahmed, Gulzar Ahmed Mohamed Mehmood Qureshi, Mohamed Ashraf Qureshi and Zulfiqar Ahmed Qureshi and Parvez Alam.

funds interest

The proceeds of the new issue will be used mainly for working capital requirements.

The main investors

As part of the IPO, HMA Agro Industries on Monday raised Rs 144 crore from various anchor investors. The company said it has finalized the allotment of 24.61 thousand shares to established investors, at a price of Rs 585 per share, which is the upper price range. Major investors include the Craft Emerging Market PCC Fund, Minerva Ventures Fund, Forbes EMF, Coeus Capital Opportunities Fund, Radiant Global Fund, and Absolute Returns Scheme.

Craft Emerging Market Fund PCC is the largest investor, investing Rs 70 crore in HMA Agro via Citadel Capital Fund and Elite Capital Fund.

About HMA Agro

HMA Agro Industries is one of the largest exporters of buffalo meat in India, accounting for more than 10 percent of India’s exports of frozen buffalo meat. Its products are self-branded, packaged under the “Black Gold”, “Kamel” and “HMA” brands and exported to more than 40 countries.

Aryaman Financial Services is the sole principal responsible for managing the underwriting in this issue, while Bigshare Services has been appointed as the registrar for this issue.