Indo Farm Equipment Sets IPO Price Band and Opening Date

Indo Farm Equipment has announced its initial public offering (IPO) will open for public subscription on December 31, with a price band set at Rs 204 to Rs 215 per share. The Rs 260-crore issue is scheduled to conclude on January 2, with bidding for anchor investors opening on December 30.

The IPO comprises a fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh equity shares by the promoter, Ranbir Singh Khadwalia. Proceeds from the fresh issue will be utilized for expanding the company's pick & carry cranes manufacturing capacity, debt payment, and augmenting the capital base of its NBFC subsidiary, Barota Finance.

Indo Farm Equipment, a manufacturer of tractors, pick & carry cranes, and other farm equipment, aims to achieve a market capitalization of over Rs 1,000 crore at the upper end of the price band. The issue size is divided among qualified institutional buyers, retail investors, and non-institutional investors. Aryaman Financial Services is the sole book running lead manager, and the equity shares are proposed to be listed on the BSE and NSE.