Frozen meat exporter HMA Agro Industries IPO subscribed 55% on Day 2

The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries was subscribed 55 per cent on day two of its subscription on Wednesday. The Rs 480-crore IPO received bids for 33,56,750 shares against 60,54,054 shares on offer, according to NSE data. The portion for non-institutional investors received 1.20 times the subscription while the category for retail individual investors (RIIs) got subscribed 38 per cent and that of qualified institutional buyers (QIBs) 37 per cent. The initial public offer has a fresh issue of up to Rs 150 crore and an offer of sale of up to Rs 330 crore. The price range for the offer is Rs 555-585 a share. Aryaman Financial Services is the manager to the offer. 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.

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