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Business News/ Markets / Ipo/  HMA Agro Industries IPO: Issue to open on June 20, price band fixed at 555-585 per share

HMA Agro Industries will launch its initial public offering (IPO) on June 20, aiming to raise 480 crore from the primary market. The company has fixed the price band for the issue at 555-585 per share. 

The HMA Agro Industries IPO, which will close on June 23, is mix of fresh issue of shares and offer for sale (OFS) by promoters.

The 480 crore-worth HMA Agro IPO comprises of a fresh issue of shares for 150 crore and an OFS of 330 crore from its shareholders and promoters, including Wajid Ahmed, Gulzar Ahmad, Mohammad Mehmood Qureshi, Mohammad Ashraf Qureshi, Zulfiqar Ahmad Qurashi and Parvez Alam.

The anchor bids for the public issue will begin on June 19. The company will fix the basis of allotment on June 29, and initiate refunds on June 30. The equity shares will be credited to the demat account of the allottees on July 3.

Also Read: IKIO Lighting IPO: What GMP signals after strong subscription status?

HMA Agro Industries shares are likely to be listed on July 4, at BSE and NSE.

The company proposes to utilise the proceeds from the fresh issue on working capital requirements and general corporate purposes.

Aryaman Financial Services Ltd is the sole lead manager to the issue, while Bigshare Services Pvt Ltd is the IPO registrar.

HMA Agro Industries is one of the largest exporters of frozen buffalo meat products from India. The company accounts for more than 10% of India’s total export of frozen buffalo meat. 

Its products are packaged under the brand name “Black Gold", “Kamil" & “HMA" and are exported to more than 40 countries all over the globe, including UAE, Iraq, Saudi Arabia, Oman, Bahrain, Jordan, etc. 

The company’s net profit for the period ending March 2022 was 117.62 crore upon a revenue of 3,138.98 crore. This was higher than the net profit of 71.60 crore and revenue of 1,720.40 crore in the previous year. 

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Updated: 08 Jun 2023, 03:30 PM IST
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