HMA Agro Industries' initial public offering (IPO) was fully subscribed on the last day, with most of the heavy lifting done by non-institutional and qualified institutional investors. Retail investors' subscription stood at just 70%, despite a pick-up in demand in the last two sessions. Market sources suggest that the company's shares are commanding a premium of Rs 15 in the unlisted market. HMA Agro Industries is one of the top three market leaders in the export of packaged frozen buffalo meat products from India, with a recent product diversification process into other food processing and exports of products such as frozen fish and basmati rice.