HMA Agro Industries IPO
HMA Agro Industries IPO — date, price band, lot size & details 2023
HMA Agro Industries listed on 4 Jul 2023 at ₹625, 6.8% above the ₹585 issue price.
HMA Agro Industries is one of the largest exporters of frozen buffalo meat from India, selling under brands such as Black Gold, Kamil and HMA in over 40 countries. Its total income was Rs 3,138.98 crore in FY2022.
Stock price
HMA Agro Industries is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 20 Jun 2023
- Close 23 Jun 2023
- Allotment 29 Jun 2023
- Refund/credit 30 Jun 2023
- Listing 04 Jul 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 23 Jun, 2023 |
|---|---|
| Price Band | ₹555 – ₹585 |
| Face Value | ₹10 |
| Lot Size | 25 Shares |
| Issue Size | ₹480 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,625 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 25 shares at the ₹585 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,625 |
| Retail (max) | 13 | 325 | ₹1,90,125 |
| S-HNI (min) | 14 | 350 | ₹2,04,750 |
| S-HNI (max) | 68 | 1,700 | ₹9,94,500 |
| B-HNI (min) | 69 | 1,725 | ₹10,09,125 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 1,720.40 crore in FY2021 to Rs 3,138.98 crore in FY2022, as per the RHP.
- 02Profit after tax rose from Rs 45.90 crore in FY2020 to Rs 117.62 crore in FY2022.
- 03Profit after tax was Rs 113.24 crore in the nine months to 31 December 2022, close to the full FY2022 figure.
- 04The pre-issue P/E was 23.63 at the upper band of Rs 585, based on EPS of Rs 24.76.
- 05It sells in over 40 countries and has more than 10% of India's frozen buffalo meat exports.
Risks · 5
- 01Margins are thin, and the source puts the PAT margin at 3.82% and the EBITDA margin at 5.70%.
- 02Rs 330.00 crore of the Rs 480 crore issue was offer for sale, so most of the money went to the promoters.
- 03Total borrowing rose from Rs 181.34 crore on 31 March 2021 to Rs 340.68 crore on 31 December 2022.
- 04Meat exports depend on import rules in buyer countries, animal health issues and export policy in India. Total income fell to Rs 1,720.40 crore in FY2021.
- 05Promoters and the promoter group held 100% before the issue and 83.61% after it.
Three years of numbers
All figures in ₹ crore, as reported in the HMA Agro Industries offer document.
| Metric | 31 Dec 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 971.72 | 856.11 | 572.04 | 472.85 |
| Revenue from Operations | 2,370.48 | 3,083.19 | 1,707.50 | 2,372.79 |
| Total Income | 2,417.82 | 3,138.98 | 1,720.40 | 2,416.61 |
| Profit After Tax | 113.24 | 117.62 | 71.60 | 45.90 |
| NET Worth | 452.96 | 374.65 | 258.69 | 187.05 |
| Total Borrowing | 340.68 | 330.02 | 181.34 | 169.18 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the HMA Agro Industries RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
HMA Agro Industries IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹24.76 | ₹23.49 |
| P/E Ratio (x) | 23.63 | 24.90 |
| Market Cap at Offer Price (₹ Cr) | ₹2,675.50 | ₹2,820.15 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹585 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹145.90 Cr of the issue is earmarked to named objects.
HMA Agro Industries IPO Anchor Investors
7 anchor investors across 3 fund houses committed ₹144.00 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Craft Emerging Market Fund Pcc - Citadel Capital Fund | Craft Emerging Market Fund Pcc | 615,400 | 36.00 | 25.00% |
| Minerva Ventures Fund | Minerva | 170,950 | 10.00 | 6.94% |
| Forbes Emf | - | 188,125 | 11.01 | 7.64% |
| Craft Emerging Market Fund Pcc - Elite Capital Fund | Craft Emerging Market Fund Pcc | 581,200 | 34.00 | 23.61% |
| Coeus Global Opportunities Fund | - | 478,650 | 28.00 | 19.45% |
| Radiant Global Fund | - | 327,212 | 19.14 | 13.29% |
| Absolute Returns Scheme | - | 100,000 | 5.85 | 4.06% |
| Total anchor allocation | 144.00 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its products, mainly frozen deglanded buffalo meat, are self-branded and packaged under names such as Black Gold, Kamil and HMA, and are exported to over 40 countries.
It runs integrated meat processing plants at places such as Aligarh, Mohali, Agra and Parbhani, and secondary processing units at Jaipur and Manesar.
The IPO was Rs 480 crore, with Rs 150.00 crore of fresh issue and Rs 330.00 crore of offer for sale by promoters and a promoter group member. Rs 135.00 crore of the fresh money was planned for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
HMA Agro Industries IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
12 issues handled (10 mainboard, 2 SME)Best listing: Apollo Micro Systems (+69.1%). Weakest: Karda Constructions (-24.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of HMA Agro Industries?
The current Grey Market Premium is ₹8, or 1% over the issue price.
What is the HMA Agro Industries IPO price band?
₹555 to ₹585, on a face value of ₹10.
When is the allotment?
The basis of allotment is 29 June 2023, with listing on 4 July 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
