HOAC Foods IPO booked 17x so far on Day 1; Rulka Electricals' issue subscribed nearly 2x
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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 IPO, which was priced at Rs 48 apiece, received bids for 1.97 crore shares 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 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 our product range and markets & sell it in and around Delhi-NCR under the brand 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.GYR Cap...