The initial share sale of HMA Agro Industries, which ends on June 23, has received a lackluster response from investors, with the offer subscribed only 39%. The retail investors' portion was subscribed 31%, non-institutional investors' portion 59% and QIB portion 37%. Additionally, the grey market premium has declined to Rs 23. The IPO, which comprises an OFS of Rs 330 crore and a fresh issue of equity shares of up to Rs 150 crore, has a price band of Rs 555-585 per equity share. Aryaman Financial Services is the book-running lead manager to the issue and Bigshare Services is the registrar.