HMA Agro Industries IPO subscribed 98 per cent on Day 3 

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The Rs 480 crore-IPO received bids for 59,46,150 shares against 60,54,054 shares on offer, according to data available with the NSE.

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The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries received 98 per cent subscription on the third day of offer on Thursday. The Rs 480 crore-IPO received bids for 59,46,150 shares against 60,54,054 shares on offer, according to data available with the NSE.

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The category for non institutional investors was subscribed 1.92 times, Qualified Institutional Buyers (QIBs) portion received 1.04 times subscription and Retail Individual Investors (RIIs) 54 per cent. The company’s IPO has a fresh issue of up to Rs 150 crore and an offer of sale of up to Rs 330 crore. Price range for the IPO is at Rs 555-585 a share.

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The company proposes to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes. The shares of the company will be listed on both BSE and NSE. Aryaman Financial Services is the manager to the offer.