HMA Agro Industries IPO price band fixed at Rs 555-585 per share

HMA Agro Industries will launch its initial public offering (IPO) on June 20 and planning to raise Rs 480 crore from the primary market. The company has fixed the price band for the issue at Rs 555-585 per share. This IPO comprises a fresh issue of shares for Rs 150 crore and an OFS of Rs 330 crore.

Here investors can bid for a minimum of 25 equity shares and in multiples thereafter and 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% for retail investors.

Further, the company has proposed to utilise the net proceeds of the fresh issue for funding the working capital requirements of the company and other general corporate purposes.

The anchor bids for the public issue will begin on June 19. The share allotment is likely to be finalized on June 29 and the listing of shares will be on July 4.

Aryaman Financial Services is acting as the book running lead manager to the issue and Bigshare Services is the registrar.

The company is incorporated in 2008, and it is a food trade organization for handled food and agro products including frozen fresh de-glanded buffalo meat, prepared/frozen natural products, vegetables, and cereals in India.

Source: Media reports