HMA Agro shares give up early gains; settle lower in debut trade

NEW DELHI: Shares of frozen meat exporter HMA Agro Industries ended lower after a positive market debut in early trade on Tuesday amid the emergence of profit-taking at the counter. The stock began the trade at Rs 615, a 5.12 per cent rise, from the issue price of Rs 585 on the BSE. During the day, it climbed 14.60 per cent to Rs 670.45. However, profit-taking at the counter pulled the stock lower, and it ended flat at Rs 584.75, down 0.04 per cent.

At the NSE, shares of the company started the trade at Rs 625, a gain of 6.83 per cent. But, the stock ended at Rs 579.20, lower by 0.99 per cent, giving up all early gains.

The company commanded a market valuation of Rs 2,928.25 crore on the BSE.

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

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.