Tue Dec 31 05:46:07 UTC 2024: ## Indo Farm Equipment’s IPO to Raise ₹260 Crore

**MUMBAI, December 30, 2024** – Indo Farm Equipment Ltd., a manufacturer of tractors, pick-and-carry cranes, and other farm equipment, is set to launch its initial public offering (IPO) on December 31, 2024. The IPO, which closes on January 2, 2025, aims to raise ₹260.15 crore through a combination of fresh issue and offer for sale (OFS). The shares are expected to list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on January 7, 2025.

The price band is set at ₹204-₹215 per share, with a minimum investment of ₹14,835 for retail investors. The company plans to use the proceeds to expand its pick-and-carry crane production, repay debt, invest in its NBFC subsidiary, Barota Finance Ltd., and for general corporate purposes.

While the Grey Market Premium (GMP) currently stands at ₹80, suggesting a potential listing price of ₹295, analysts offer mixed opinions on the valuation. Anand Rathi recommends a long-term investment, citing the company’s strong fundamentals and expansion plans. However, Bajaj Broking notes that the IPO is aggressively priced relative to recent earnings, based on both FY24 and projected FY25 earnings.

Indo Farm Equipment, established in 1994, boasts a production capacity of 12,000 tractors and 1,280 pick-and-carry cranes annually. The company exports its products to several countries including Nepal, Syria, and Bangladesh. Financial performance over the last three fiscal years has shown steady growth in both total income and net profit. The allotment date is set for January 3, 2025. Aryaman Financial Services Ltd. is the book-running lead manager, and Mas Services Limited is the registrar.

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