Wed Jan 01 07:14:42 UTC 2025: **Indo Farm Equipment IPO Oversubscribed on Day 2**

MUMBAI, January 2, 2025 – The initial public offering (IPO) of Indo Farm Equipment Ltd. continues to be heavily oversubscribed. By 9:54 am on the second day of bidding, the ₹260.15 crore IPO had received bids for 15,59,88,438 shares, representing an 18.42 times oversubscription. This follows a 17.87 times oversubscription on the first day.

Non-institutional investors (NIIs) showed the most enthusiasm, with their portion of the offering oversubscribed 29.19 times. Retail investors also demonstrated strong interest, achieving a 19.69 times subscription rate. The Qualified Institutional Buyer (QIB) category saw an 8.1 times oversubscription.

The IPO, which closes today, comprises a fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh shares by promoter Ranbir Singh Khadwalia. The price band is set at ₹204 to ₹215 per share. Proceeds from the fresh issue will fund expansion of the company’s pick & carry cranes manufacturing capacity, debt repayment, and investment in its NBFC subsidiary.

The grey market is indicating a strong listing gain, with unlisted shares trading at a 44.19% premium over the upper IPO price. Indo Farm Equipment manufactures tractors, pick & carry cranes, and other farm equipment. Aryaman Financial Services is the sole book-running lead manager for the issue, and the equity shares will be listed on the BSE and NSE.

Read More