HMA Agro debuts at 7% premium on the bourses

4 Jul 2023 , 09:57 AM

The shares of HMA Agro Industries have made a decent debut on the Dalal Street. The company listed at Rs 625 per share on NSE, 6.84% higher to issue price of Rs 585, while shares listed at Rs 615, i.e., 5.13% higher on BSE.

During the period of June 20-23, the public issue of Rs 480 crore witnessed a subscription of 1.62 times, primarily driven by institutional and non-institutional investors. However, the response from retail investors was relatively subdued, with their portion being subscribed by only 96%. 

On the other hand, the portion allocated for qualified institutional buyers (QIBs) and high net worth individuals (HNIs) was oversubscribed by 1.74 times and 2.97 times, respectively.

HMA Agro Industries is a prominent player in the export of frozen buffalo meat products from India, holding a significant share of over 10% in the country’s total export of such products. With its extensive reach, the company exports to more than 40 countries worldwide.

The majority of HMA Agro Industries’ business, exceeding 95% , is derived from buffalo meat and related products. The company operates four fully-integrated packaged meat processing plants, which serve as the backbone of its operations. In contrast, its diversified segments, including frozen fish and basmati rice, contribute less than 2% of its overall revenue.