Wed Jan 01 10:59:11 UTC 2025: **Indo Farm Equipment IPO Oversubscribed by 17.7 Times on Day One**
MUMBAI, January 2, 2025 – The initial public offering (IPO) of Indo Farm Equipment has been met with an overwhelmingly positive response from investors, closing its first day of subscription 17.7 times oversubscribed. The ₹260.15 crore IPO, which opened on December 31st, received bids for 14,99,60,184 shares against the 84,70,000 shares on offer.
Strongest demand came from Non-Institutional Investors (NIIs), who oversubscribed their portion by a significant 28.56 times. Retail Individual Investors (RIIs) also showed significant interest, oversubscribing by 18.54 times, while Qualified Institutional Buyers (QIBs) oversubscribed by 8.10 times.
The IPO, priced between ₹204 and ₹215 per share, closes on January 2nd. The grey market already shows a strong premium, with unlisted shares reportedly trading at ₹310, representing a 44.19% premium over the upper IPO price. Positive reviews from brokerages like Canara Bank Securities and Anand Rathi further boosted investor confidence.
Share allotment is expected on January 3rd, with shares credited to demat accounts by January 6th. Listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is anticipated for January 7th.
The company clarified that it will not receive any proceeds from the offer for sale portion of the IPO; these will go to promoter selling shareholders. Indo Farm Equipment plans to utilize the funds raised from the fresh issue to expand its Pick & Carry Cranes manufacturing capacity, repay borrowings, invest in its NBFC subsidiary Barota Finance, and for general corporate purposes.
First Piper 