The initial public offer of Indo Farm Equipment Ltd. was subscribed 17.70 times on the opening day of bidding on Tuesday (December 31, 2024) amid strong investors participation.
The initial share sale received bids for 14,99,60,184 shares against 84,70,000 shares on offer, translating into 17.70 times subscription, as per NSE data.
The category for non-institutional investors was subscribed 28.56 times while the Retail Individual Investors (RIIs) part fetched 18.54 times subscriptions. The quota for Qualified Institutional Buyers (QIBs) received 8.10 times subscription.
Indo Farm Equipment on Monday (December 30, 2024) said it has garnered a little over ₹78 crore from anchor investors.
The issue, with a price band of ₹204-215 per share, will conclude on January 2.
The ₹260-crore initial public offering (IPO) has a fresh issue of 86 lakh equity shares and an Offer-for-Sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.
Proceeds from the fresh issue will be used to set up a new dedicated unit for expansion of the company’s pick & carry cranes manufacturing capacity, payment of debt, investment in the company’s NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet its future capital requirements.
Indo Farm Equipment manufactures tractors, pick & carry cranes and other farm equipment.
At the upper end of the price band, the IPO size has been pegged at ₹260 crore, placing the company’s market capitalisation at over ₹1,000 crore.
Aryaman Financial Services is the sole book-running lead manager for the issue.
The equity shares will be listed on the BSE and NSE.
Published – December 31, 2024 11:00 pm IST