HOAC Foods IPO booked 17x so far on Day 1; Rulka Electricals' issue subscribed nearly 2x
The initial public offer (IPO) of HOAC Foods is getting a bumper response from investors with an overall subscription of 17 times just within a few hours of opening on Thursday. The issue closes on May 21.
The initial public () of is getting a bumper response from with an overall of 17 times just within a few hours of opening on Thursday. The issue closes on May 21.The IPO, which was priced at Rs 48 apiece, received for 1.97 crore as against just 11.55 lakh shares on offer. About 50% of the offer is reserved for retail investors, and the rest 50% for other investors.
The net proceeds from the public offer will be used for working capital requirements and general corporate purposes.
The company is engaged in the manufacturing of flour (chakki atta), herbs and spices, unpolished pulses, grains, and yellow mustard oil in our product range and markets & sell it in and around Delhi-NCR under the name "Hariom" through our exclusive brand outlets.
For the period ended December 2023, the company clocked revenues of Rs 11.48 crore and net profit of Rs 74 lakh.
is acting as the lead manager to the issue and is the registrar.
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Meanwhile, the public offer of , which also opened for subscription earlier today was booked nearly 2 times so far. The IPO got bids for 16 lakh shares as against 8 lakh shares on offer.
The company is offering its shares at Rs 223-235 apiece, and investors can bid for 600 shares in 1 lot. About 50% of the offer is reserved for QIB investors, 35% for retail investors and the rest 15% for other investors.
Funds raised from the IPO will be used for funding working capital requirements, general corporate purposes, public issue expenses.
The company is in the business of turnkey projects contractors engaged in offering solutions for all types of electrical and fire fighting turnkey projects.
is acting as the lead manager to the issue and is the registrar.
Source: Stocks-Markets-Economic Times
