HMA Agro Industries allots Rs 144 crore worth shares to anchor investors; IPO details, GMP & more

Ahead of its Rs 480 crore initial public offer (IPO), HMA Agro Industries on Monday allotted 24,61,537 shares to seven anchor investors at Rs 585 apiece, amounting Rs 143.99 crore. They included Craft Emerging Market Fund PCC - Citadel Capital Fund (Rs 36 crore), Minerva Ventures Fund (Rs 10 crore), Forbes EMF (Rs 11 crore), Craft Emerging Market Fund PCC -Elite Capital Fund (Rs 34 crore), Coerus Capial Opportunities (Rs 28 crore), Radiant Global Fund (Rs 19 crore) and Absolute returns Scheme (Rs 5.85 crore).

Last heard, the unlisted stock was commanding a grey market premium (GMP) of Rs 28 in the grey market. Other than raising Rs 150 crore from fresh issue, the exporter of processed frozen buffalo meat is also looking to raise up to Rs 330 crore from an offer for sale (OFS) in the Rs 555-585 price band. The issue would open on Tuesday and will close on Friday. 

A total of 35 per cent of the quota is reserved for retail investors, 15 per cent for high net worth individuals and the rest for qualified investors buyers. Investors can make a bid of a minimum of 25 equity shares and their multiples thereof.

HMA Agro Industries is one of the largest exporters of buffalo meat in India, accounting for more than 10 per cent of India’s export of frozen buffalo meat. Its products are self-branded, packaged under the brand name 'Black Gold', 'Kamil' and 'HMA' and exported to over 40 countries.

HMA Agro has four fully integrated packaged meat processing plants located at Aligarh, Mohali, Agra, and Parbhani and is in the process of setting up a fifth fully integrated-owned meat product processing unit in Haryana. India, after Brazil, is the second-largest exporter of buffalo meat in the world.

HMA Agro has four fully integrated packaged meat processing plants located at Aligarh.

There are no listed companies in India that engage in a business similar to that of HAM Agro Industries.

The company has reserved 50 per cent of the shares for qualified institutional buyers (QIBs), while a 15 per cent quota is reserved for non-institutional investors (NIIs). Retail investors will get the remaining 35 per cent of the allocation.

Aryaman Financial Services is the sole book-running lead manager to the issue, while Bigshare Services has been appointed as the registrar to the issue. If subscribed fully, the stock will get listed on BSE and NSE and would make debut on July 4.