HMA Agro announces price band of Rs 555-585 per share; IPO set to open on June 20

9 Jun 2023 , 09:49 AM

HMA Agro Industries is all set to open its initial public offer (IPO) on June 20. The company has fixed the price band for its Rs 480 crore issue at Rs 555-585 per share. The anchor bidding will held on June 19 and the IPO will conclude on June 23.

The IPO consist fresh issue of equity shares of Rs 150 crore and an offer for sale of up to Rs 120 crore by Wajid Ahmed, up to Rs 49 crore each by Gulzar Ahmad, Mohammad Mchmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi. Parvez Alam will offload shares up to Rs 14 crore.

The company will use proceeds from the fresh issue towards working capital requirements and general corporate purposes.

HMA Agro Industries holds a prominent position as one of India’s major exporters of frozen buffalo meat products. With a market share exceeding 10% of India’s total export of frozen buffalo meat, the company has established itself as a key player in the industry. Its products are marketed under the well-known brand names ‘Black Gold,’ ‘Kamil,’ and ‘HMA.’ 

These high-quality meat products are in demand across the globe, reaching over 40 countries such as the UAE, Iraq, Saudi Arabia, Oman, Bahrain, Jordan, and many more. Through its extensive distribution network, HMA Agro Industries continues to expand its global presence and deliver its renowned buffalo meat products to customers worldwide.

Aryaman Financial Services Ltd is the sole merchant banker of the issue and Bigshare Services Pvt Ltd is the IPO registrar.

HMA Agro IPO important details: 

Open date	20 June 2023
Close date	23 June 2023
Lot size	25
IPO size (Rs crore)	Rs 480 crore
IPO price range (Rs)	Rs 555-Rs 585 per share
Minimum investment	Rs 14,625
Basis of allotment date	29 June 2023
Refunds date	30 June 2023
Credit to demat account date	3 July 2023
Listing date	4 July 2023