Shares of Hariom Atta and Spices or HOAC Foods made a stellar debut on its market debut on 24 May, Listing at Rs 147 per share, marking a 206% increase over the issue price of Rs 48 on the NSE SME platform. 

However, the listing gains missed grey market estimates as the shares traded at a premium of over 300%. 

The grey market is an unofficial ecosystem where shares of the company start trading much earlier than the offer opens for subscription and continue to trade till the listing day. 

The public offering of Rs 5.54 crore, which consisted of 11.55 lakh shares, garnered immense interest from investors, with the subscription rate surpassing 2,000 times. Retail individual investors took the lead by purchasing 2,556 times their allotted quota, while non-institutional investors acquired 1,433 times their reserved portion.

Founded in 2018, the company specialises in the production of flour, spices, and various other food products. It currently operates a total of 10 brand outlets, with 4 directly owned by the company and the remaining 6 owned by franchisees.

The company plans to use these fresh proceedings to fund its working capital requirements and general corporate purposes. 

At 3:03 pm, the shares of HOAC Foods were trading 5% lower at Rs 139.65 on NSE.