HMA Agro shares debut with nearly 7% premium

New Delhi: Shares of frozen meat exporter HMA Agro Industries made a positive market debut on Tuesday, listing with a premium of nearly 7 per cent, against the issue price of Rs 585.

The stock began the trade at Rs 615, a jump of 5.12 per cent, from the issue price on the BSE. Later, it climbed 14.60 per cent to Rs 670.45.

At the NSE, shares of the company started the trade at Rs 625, a gain of 6.83 per cent.

The company commanded a market valuation of Rs 3,113.54 crore in early trade on the BSE.

In the broader market, the benchmark equity indices continued their record-shattering spree, with the Sensex and Nifty hitting their fresh all-time high levels in early trade.

The Initial Public Offer (IPO) of HMA Agro Industries was subscribed 1.62 times on the last day of subscription on June 23.

The Rs 480-crore IPO had a fresh issue aggregating up to Rs 150 crore and an offer-for-sale of up to Rs 330 crore.

The price range for the offer was Rs 555-585 a share.

The company proposes to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes.

Aryaman Financial Services was the manager of the offer.