HMA Agro Industries makes strong debut with 7% premium
HMA Agro Industries commenced its trading journey on July 4, opening with a 7 percent premium over the issue price, albeit impacted by a somewhat lukewarm response from investors towards its public offering.
The shares of HMA Agro Industries debuted at Rs 625 on the NSE, surpassing the issue price of Rs 585, while the opening price on the BSE stood at Rs 615.
During the period of June 20-23, the frozen buffalo meat exporter witnessed bids amounting to 1.62 times the issue size. Retail investors managed to acquire 96 percent of the allocated shares, whereas qualified institutional buyers subscribed to the reserved portion 1.74 times, and high net worth individuals secured 2.97 times the allocation.
Through its public offering, HMA Agro Industries successfully raised Rs 480 crore. The price range for the offer was set at Rs 555-585 per share.
HMA Agro Industries, a prominent player responsible for more than 10 percent of India’s frozen buffalo meat exports, markets its products under the brand names Black Gold, Kamil & HMA, catering to over 40 countries worldwide.
Presently, the company operates four meat processing plants and is actively establishing a fifth unit in Haryana dedicated to meat product processing. Additionally, it is in the final stages of acquiring another plant in Unnao, with the completion of the acquisition expected by September FY24.
Although HMA Agro Industries diversified into frozen fish and basmati rice exports a few quarters ago, these ventures have contributed less than 2 percent to its overall revenue.
About HMA Agro Industries:
HMA Agro Industries Limited is a company dedicated to manufacturing and exporting food products, with a primary focus on boneless buffalo meat. They serve customers not only in India but also worldwide.
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