HVA Foods IPO tops 20 times oversubscription

The oversubscription of the Rs. 319 million worth Initial Public Offering of HVA Foods Ltd., the most innovative and diversified value added tea exporter in the country, is estimated to have topped 20 times.

Sources said preliminary figure points to an over 20 times oversubscription and the final count is scheduled to be made public today.

Given the large number of applications, counting was continuing even by late evening yesterday.  Via the IPO, HVA Foods offered a 30% stake or 19.928 million shares at an attractively priced Rs. 16 each.