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Indo Farm Equipment IPO: The public issue of tractor and crane manufacturing company Indo Farm Equipment closed on January 2. The issue opened on December 31 and saw tremendous interest from investors.
Subscription Status
The issue of Rs 260.15 crore received a total subscription of 227.67 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 242.4 times, the portion for non-institutional investors (NIIs) was subscribed 501.75 times, and the portion for retail investors was subscribed 101.79 times.
It is clear from this tremendous interest of investors that the IPO of Indo Farm Equipment has become a topic of discussion in the market.
When will the IPO be listed?
The wait for Indo Farm Equipment's IPO is about to end. The company's shares will be listed on BSE and NSE on January 7. In the grey market, Indo Farm Equipment's share is currently trading at a premium of Rs 93 or 43.26% over the IPO's upper price band of Rs 215.
The gray market is an unauthorized market where shares are traded before the IPO listing.
The price band in the company's IPO was fixed at Rs 204-215 per share, and the lot size for bidding was 69 shares.
Indo Farm Equipment has raised Rs 78.04 crore from 11 institutional investors ahead of its IPO. The company raised Rs 35.15 crore through pre-IPO placement by selling 19 lakh shares at a price of Rs 185 per share.
What does Indo Farm make?
The company manufactures tractors, harvesting equipment and pick and carry cranes. It operates under two brands – Indo Farm and Indo Power.
Export Market
Indo Farm products are also exported to countries like Nepal, Syria, Sudan, Bangladesh and Myanmar.
Who are the promoters?
The promoters of the company are Ranbir Singh Khadwalia and Sunita Saini. Indo Farm started its operations in the year 2000.
Where will the IPO be used?
The company will use the funds raised through the IPO to set up a new dedicated unit for pick and carry cranes, repay debt, invest in its NBFC subsidiary Barota Finance and for general corporate purposes.
Company focus
Through this IPO, Indo Farm wants to further strengthen its business, so that its hold in the domestic and international markets increases.
