Indo Farm Equipment's IPO Witnesses Unprecedented Demand

NEW DELHI: In an astonishing display of investor confidence, the initial public offering (IPO) of Indo Farm Equipment Ltd was subscribed nearly 6 times within hours of its opening on Tuesday. According to NSE data, the IPO received bids for 5,00,12,580 shares against the 84,70,000 shares on offer, marking a 5.90 times subscription rate by 11:57 hours.

Investor Segments Show Strong Interest

The Retail Individual Investors (RIIs) segment led the charge with an 8.54 times subscription, closely followed by non-institutional investors at 7.61 times. However, the Qualified Institutional Buyers (QIBs) quota saw a modest 1 per cent subscription. Prior to the public offering, Indo Farm Equipment secured over Rs 78 crore from anchor investors on Monday.

IPO Details and Future Plans

Priced between Rs 204-215 per share, the Rs 260-crore IPO includes 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 are earmarked for expanding the company's manufacturing capacity, debt payment, and bolstering its NBFC subsidiary, Barota Finance. The IPO is set to conclude on January 2, with shares to be listed on both the BSE and NSE.

About Indo Farm Equipment

Specializing in tractors, pick & carry cranes, and other farm equipment, Indo Farm Equipment is poised for significant growth. At the upper end of its price band, the IPO values the company at over Rs 1,000 crore. Aryaman Financial Services serves as the sole book running lead manager for the issue.