HMA Agro IPO subscribed 98% on Day-3

New Delhi: The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries received 98 per cent subscription on the third day of offer on Thursday.

The Rs480 crore-IPO received bids for 59,46,150 shares against 60,54,054 shares on offer, according to data available with the NSE. The category for non institutional investors was subscribed 1.92 times, Qualified Institutional Buyers (QIBs) portion received 1.04 times subscription and Retail Individual Investors (RIIs) 54 per cent. The company’s IPO has a fresh issue of up to Rs150 crore and an offer of sale of up to Rs330 crore. Price range for the IPO is at Rs555-585 a share. 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.