HMA Agro Industries’ IPO was subscribed 7% on Day 1 with no bids from QIBs; NII 2% and retail 13%. The company is the top three market leaders in the export of packaged frozen buffalo meat products from India, however, it is heavily dependent on the export business with around 90.2% of its revenue in FY22. The IPO consists of a fresh issue of equity shares up to INR 150 crores and an offer for sale (OFS) of INR 330 crores by promoters and selling shareholders. The IPO has a price band of INR 555-585 per equity share for the public offer.
