HOAC Foods shares list at 206% premium over IPO price

The IPO, which was completely a fresh of 11.55 lakh shares, received massive response with an overall subscription of nearly 2,000 times at close.

The net proceeds from the public offer will be used for funding 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 its product range and markets and sell it in and around Delhi-NCR under the brand name Hari Om through the exclusive brand outlets.

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The company handpicks raw materials from various parts of the country and processes the products with utmost care without using artificial preservatives or chemicals, thereby creating a product portfolio of organic spices and flour, which carry the freshness and goodness of each ingredient.

Since the inception, the company's objective has been to produce high-quality natural spices and food products without artificial preservatives or synthetic substances. To achieve this, it has developed a business model in which it manufactures and packages products in quantities that can sustain a customer until the shelf life of the product, reducing waste and providing a diverse range of products with freshness and goodness.

The fast-moving consumer goods (FMCG) sector is India’s fourth-largest sector and has been expanding at a healthy rate over the years as a result of rising disposable income, a rising youth population, and rising brand awareness among consumers.

For the period ended December 2023, the company clocked revenues of Rs 11.48 crore and net profit of Rs 74 lakh.

acted as the lead manager to the issue and was the registrar.