New Delhi, Jun 20 (PTI) The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries Limited subscribed 32 per cent on the first day of subscription on Tuesday.

The Rs 480-crore IPO received bids for 19,66,875 shares against 60,54,054 shares on offer, according to NSE data.

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The category for non-institutional investors got subscribed to 55 per cent, while Qualified Institutional Buyers (QIBs) portion received 37 per cent subscriptions and Retail Individual Investors (RIIs) 20 per cent.

The initial public offer has a fresh issue aggregating up to Rs 150 crore and an offer of sale of up to Rs 330 crore.

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The price range for the offer is Rs 555-585 a share.

Aryaman Financial Services is the manager to the offer.

The company proposes to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes.

The shares of the company will be listed on both BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)