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 institutional investors and 15% to non-institutional investors. The company has demanded a premium price of INR585 on each equity share, in contrast with its unlisted shares trading at a premium of INR28, with Aryaman Financial Services acting as lead manager to the issue and Bigshare Services acting as registrar.