Wed Jan 01 13:04:26 UTC 2025: ## Indo Farm Equipment IPO Oversubscribed by 20 Times on Day 2

**Mumbai, January 1, 2025** – Indo Farm Equipment Limited’s initial public offering (IPO) saw phenomenal demand on its second day, closing with an overall subscription of 20.39 times. The Rs 260.15 crore IPO, which includes a fresh issue and an offer for sale, has captivated investors due to the company’s strong position in the agriculture and construction equipment sectors.

Retail investors showed particularly strong interest, with the retail portion oversubscribed by 20.97 times. Non-institutional investors (NIIs) were even more enthusiastic, exceeding expectations with a 35.42 times subscription by mid-morning. Qualified Institutional Buyers (QIBs) showed more moderate interest, subscribing 8.11 times.

The IPO, priced between Rs 204 and Rs 215 per share, has fueled speculation about a strong market debut. The grey market premium (GMP) reached Rs 95 by this morning, suggesting a potential listing price of Rs 310 and a potential gain of approximately 44.19% per share.

Indo Farm Equipment, established in 1994, manufactures a range of agricultural and construction equipment, including tractors and cranes, and exports to several countries in Asia and the Middle East. Aryaman Financial Services Limited is the book-running lead manager, and Mas Services Limited is the registrar. Share allotment is expected on January 3rd, with the company slated to list on the BSE and NSE on January 7th.

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