The Rs. 319 million worth Initial Public Offering of HVA Foods Ltd., the most innovative and diversified value added tea exporter in the country, had been oversubscribed by 10 times with more applications being processed at the time this edition went to press.
Market sources said that as per provisional assessment the IPO had been oversubscribed by 10 times and over 2000 more applications were yet to be processed.
The Company yesterday morning informed the IPO was oversubscribed by its official opening day and would close at 4.30 p.m. A more accurate provisional or final figure is expected to be released today.
Via the IPO, HVA Foods offered a 30% stake or 19.928 million shares at an attractively priced Rs. 16 each.