The initial public offering (IPO) of HMA Agro Industries opened for subscription on Tuesday and will be available to the public till Friday, June 23.
Analysts are mixed on whether investors should subscribe to the offer.
"There are several legal proceedings pending against the promoters, and the books also include contingent liabilities that may escalate. As a result, the IPO should be avoided from a corporate governance perspective," said Ravi Singhal, CEO, GCL Broking.
Meanwhile, Avinash Gorakshakar of Profitmart Securities said investors should subscribe for the long term given the niche nature of the business and reasonable valuations. Currently, there are no listed companies in India that engage in a business similar to that of HAM Agro Industries.
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