HMA Agro Industries' initial public offer (IPO), estimated to raise up to Rs 480 crore, concluded on June 23 with an overall subscription of 1.6 times the shares on offer. The IPO of HMA Agro Industries — an Agra-based food trade organisation — received bids for 97.9 lakh shares as against the 60.5 lakh shares on offer. 

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Here's how different categories of investors participated in the HMA Agro IPO:

Investor category Reservation Subscription
Qualified institutional buyers 50% 1.7x
Non-institutional investors 15% 3x
Retail investors 35% 96%
Overall 100% 1.6x

The IPO comprised fresh issuance worth Rs 150 crore as well as an offer for sale (OFS) worth Rs 330 crore by promoters and existing shareholders. 

Here are some of the key things to know about the HMA Agro Industries IPO: 

Important dates: Bidding, which started on June 20, ended on June 23. The basis of allotment was finalised on June 29. 

Issue price: Potential investors could bid for HMA Agro shares in a price band of Rs 555-585 apiece under the IPO. 

Lot size: Bidding under the IPO was available in multiples of 25, translating to Rs 13,875-14,625 per lot. Read more on HMA Agro Industries IPO

Anchor investors: HMA Agro Industries mobilised Rs 144 crore from anchor investors, by allocating 24.6 lakh shares at Rs 585 apiece, ahead of the launch of the IPO. The anchor investors included Craft Emerging Market Fund PCC-Citadel Capital Fund, Minerva Ventures Fund, Forbes EMF and Radiant Global Fund.

Fund utilisation: The company plans to use the proceeds from the fresh issuance towards its working capital requirements and general corporate purposes, according to its red herring prospectus.

Company profile: HMA Agro Industries is an exporter of meat products, offering a range of products under the brands Black Gold, Kamil and HMA.

Financials: The company registered a net profit of Rs 115.9 crore for the year ended March 2022, as against a net profit of Rs 71.6 crore for the corresponding period a year ago, according to the red herring prospectus. Its revenue grew 80.6 per cent on a year-on-year basis to Rs 3,083.2 crore for the financial year 2021-22. 

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