HMA Agro Industries shares debuted on the stock market with a 7% premium. Analysts suggest holding the stock for at least six to eight months due to the company s strong fundamentals and niche business model. The company, a market leader in the export of frozen buffalo meat products, recently diversified into other food processing and exports. It heavily relies on the export business, which accounted for 90.2% of its revenue in FY22. The net proceeds from the IPO will be used for working capital requirements and general corporate purposes.
HMA Agro Industries will be listed on the stock exchanges with a mild premium of 6-7%. The grey market premium for the company s shares saw a sharp jump to Rs 40 apiece. The initial share sale was fully subscribed, with strong interest from institutional investors. Retail investors showed muted interest, with a subscription rate of just 96%. The company plans to use the proceeds for working capital requirements and general corporate purposes. However, it is important to note that the company heavily relies on export business, which contributed to around 90.2% of its revenue in FY22.
Bank of India, Ceat to turn ex-dividend, PM Modi’s US visit in top news today. HMA Agro Industries IPO, HDFC AMC shares after block deal, Nifty, markets outlook, Jagannath Puri Rath Yatra in focus.
The Rs 480 crore IPO of HMA Agro consists of fresh issues of up to 150 crore, while an offer-for-sale (OFS) of up to 330 crore by promoters and existing shareholders.