HMA Agro Industries decided the price band for its Rs 480 crore public issue at Rs 555-585 per share. The company’s IPO will open on June 20 for subscription and end on June 23. The anchor bids will start on June 19. Refunds Initiation will be on June 30, and credit of equity shares to allottees’ demat account on July 3.

The stock will list on the exchanges on July 4. The company is valued at Rs 2780 crore at the upper end.

HMA Agro will raise Rs 150 crore under a fresh issue and Rs 330 crore from an offer-for-sale from its shareholders and promoters. The OFS encompasses up to Rs 120 crore by Wajid Ahmed, Rs 49 crore by Gulzar Ahmad, Mohammad Mchmood Qureshi, Mohammad Ashraf Qureshi and Zulfiqar Ahmad Qurashi. Parvez Alam will sell Rs 14 crore through OFS.

The profits from the fresh issue are Rs 135 crore to be used for the company’s working capital. Aryaman Financial Services Ltd is the only lead manager on the issue.

The firm is among India’s largest exporters of frozen buffalo meat products, accounting for 10% of India’s total export of frozen buffalo meat. Its products are packaged under the brand name “Black Gold”, “Kamil”, & “HMA” and exported to over 40 countries.

The company’s raw material is processed at various facilities, mostly owned by its subsidiaries and some by third parties. These processing units work on a contractual basis against fixed charges borne by the company.

The firm exports to the UAE, Iraq, Saudi Arabia, Oman, Bahrain, Jordan, Algeria, Egypt, Angola, Vietnam, Indonesia, Georgia, Malaysia, Cambodia and many Middle Eastern, CIS and African countries. About 90% of its sales are exported.

For FY21, its revenue mounted at Rs 3,083.19 crore, besides Rs 1707.50 crore a year ago. Net profit stood at Rs 117.62 crore versus Rs 71.60 crore last year.