A business with no peers to compare with is a tricky one. HMA Agro is one of the largest buffalo meat exporters, which is a profitable business and I see PAT growing YoY. A section of investors will stay away from this due to religious concerns, so it's possible that institutions will lap it up. While GMP isn't high, I believe the subscriptions will be a good indicator whether to apply or not.
I'm mostly concerned about the imbalance in the equilibrium of the scrip once it lists. OFS part is higher than fresh issue (31%) but the valuations are decent. A forward PE of ~25 leaves some room for a listing pop but the GMP (2%) doesn't stoke any excitement.
I'll apply for 1 retail lot if QIB crosses 30x on day 3. Thanks.
Always in restraint of Mrs. Crow.