On July 4, HMA Agro Industries shares opened the first-day trade with a 7% premium to the issue price, partly stuck by the warm response from investors to its public issue.

The stock debuted at Rs 625 versus the issue price of Rs 585 on the NSE, while the BSE opening price was Rs 615.
The frozen buffalo meat exporter witnessed bids 1.62 times the issue size. Retail investors purchased 96% shares of the allotted quota, while the reserved portion of qualified institutional buyers contributed 1.74 times, and that of high net worth individuals 2.97 times during June 20-23.

The firm, which gets 90-95% of business by selling and exporting frozen buffalo meat and allied goods, has raised Rs 480 crore via public issue. The offer’s price band was Rs 555-585 per share.

HMA Agro Industries, which accounts for more than 10% of India’s overall export of frozen buffalo meat, sold goods under the brand name Black Gold, Kamil & HMA to over 40 countries across the globe.

The firm has four wrapped meat processing plants and is establishing a fifth-owned meat product processing facility in Haryana. It stands at the advanced stages of purchasing an additional plant at Unnao and assumes to complete this acquisition by September FY24.

HMA Agro expanded into exports of frozen fish and basmati rice a few quarters ago, contributing less than 2% to its revenue from operations.