HMA Agro Industries IPO to open on Tuesday. What GMP signals ahead of subscription
Leading export house, HMA Agro Industries, is launching an initial public offering (IPO) for INR480 crore ($64m) on 20 June. The subscription will finish on the 23 June. One-third of shares will be reserved in the public offer, with 50% offered to...
By Akash Podishetti, ETMarkets.com |
Agencies
The Rs 480 crore initial public offering (IPO) of HMA Agro Industries will open for subscription on June 20 and close on June 23. The company has fixed a price band of Rs Rs 555-585 per equity share for the public offer.
About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail investors.
Investors can bid for a minimum of 25 equity shares and in multiples thereafter.
Ahead of the subscription, the company's shares are commanding a premium of Rs 28 in the unlisted market.
The IPO comprises a fresh issue of equity shares up to Rs 150 crore and an offer for sale (OFS) of Rs 330 crore by promoters and selling shareholders.
HMA Agro Industries is a leading export house and is one of the largest exporters of buffalo meat in India accounting for more than 10% of India’s export of frozen buffalo meat. Its products are self-branded, packaged and exported to over 40 countries.
The company proposes to utilise the net proceeds of the fresh issue for funding the working capital requirements of the company and other general corporate purposes.
Currently, there are no listed companies in India that engage in a business similar to that of HAM Agro Industries. The P/E ratio based on diluted EPS for FY22 is at 23.99 at the upper end of the price band. This compares with Nifty's P/E of 21.59.
Based on the upper end of the price band, the company commands a market valuation of Rs 2,929 crore.
The company did not consider any fresh issuance of equity shares as a pre-IPO placement. The anchor investment allotment will take place today later in the evening.
Aryaman Financial Services is acting as the book-running lead manager to the issue and Bigshare Services is the registrar.
About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail investors.
Investors can bid for a minimum of 25 equity shares and in multiples thereafter.
Ahead of the subscription, the company's shares are commanding a premium of Rs 28 in the unlisted market.
The IPO comprises a fresh issue of equity shares up to Rs 150 crore and an offer for sale (OFS) of Rs 330 crore by promoters and selling shareholders.
HMA Agro Industries is a leading export house and is one of the largest exporters of buffalo meat in India accounting for more than 10% of India’s export of frozen buffalo meat. Its products are self-branded, packaged and exported to over 40 countries.
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The company proposes to utilise the net proceeds of the fresh issue for funding the working capital requirements of the company and other general corporate purposes.
Currently, there are no listed companies in India that engage in a business similar to that of HAM Agro Industries. The P/E ratio based on diluted EPS for FY22 is at 23.99 at the upper end of the price band. This compares with Nifty's P/E of 21.59.
Based on the upper end of the price band, the company commands a market valuation of Rs 2,929 crore.
The company did not consider any fresh issuance of equity shares as a pre-IPO placement. The anchor investment allotment will take place today later in the evening.
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Aryaman Financial Services is acting as the book-running lead manager to the issue and Bigshare Services is the registrar.
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