The initial public offering (IPO) of HMA Agro Industries will open for subscription on June 20, Tuesday as the company intends to raise Rs 480 crore via primary stake sale by selling its shares in the range of Rs 555-585 apiece. The three-day issue can be subscribed till June 23, 2023.
HMA Agro Industries is one of the largest exporters of buffalo meat in India, accounting for more than 10 per cent of India’s export of frozen buffalo meat. Its products are self-branded, packaged under the brand name ‘Black Gold’, ‘Kamil’ and ‘HMA’ and exported to over 40 countries.
The Rs 480 crore IPO consists of fresh issues of up to 150 crore, while an offer-for-sale (OFS) of up to 330 crore by promoters and existing shareholders of the company. Investors can make a bid of a minimum of 25 equity shares and their multiples thereof.
HMA Agro has four fully integrated packaged meat processing plants located at Aligarh, Mohali, Agra, and Parbhani and is in the process of setting up a fifth fully integrated-owned meat product processing unit in Haryana. India, after Brazil, is the second-largest exporter of buffalo meat in the world.
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Agra-based HMA Agro Industries also owns two additional secondary-level meat processing units at Jaipur and Manesar. The proceeds from the issue of fresh shares will be utilised towards working capital requirements of the company, and general corporate purposes. There are no listed companies in India that engage in a business similar to that of HAM Agro Industries.
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The company has reserved 50 per cent of the shares for qualified institutional buyers (QIBs), while a 15 per cent quota is reserved for non-institutional investors (NIIs). Retail investors will get the remaining 35 per cent of the allocation.
Aryaman Financial Services is the sole book-running lead manager to the issue, while Bigshare Services has been appointed as the registrar to the issue. The stock will be listed at both BSE and NSE and the stock is likely to make its debut on July 4, 2023.
