Wed Jan 01 10:40:00 UTC 2025: ## Indo Farm Equipment IPO Oversubscribed by 54 Times on Day 2

**Mumbai, January 2, 2024** – The initial public offering (IPO) of Indo Farm Equipment, a leading Indian tractor and crane manufacturer, concluded its second day of subscription with an overwhelming response. The IPO, which opened on December 31st and closed on January 2nd, was oversubscribed a staggering 54.55 times.

The company priced its shares between ₹204 and ₹215, aiming to raise ₹260.15 crore. This comprised a fresh issue of ₹184.90 crore and an offer-for-sale of ₹75.25 crore. Investor interest was particularly strong across all categories, with the non-institutional investor quota subscribed 131.84 times, retail investors 45.76 times, and qualified institutional buyers (QIBs) 11.96 times.

Indo Farm Equipment, founded by Ambir Singh Khadwalia, boasts a 24-year history of manufacturing agricultural equipment and has expanded into cranes and other products. The company’s management team includes experienced professionals from various sectors. The company highlighted its fully integrated manufacturing setup and the strong growth potential of the agriculture equipment market, projected to reach USD 296.61 billion by 2030.

The IPO proceeds will be used for expanding pick-and-carry crane manufacturing capacity, debt repayment, investment in its NBFC subsidiary (Barota Finance Ltd.), and general corporate purposes.

While some analysts noted the relatively high P/E ratio compared to peers at the upper price band (66.2x on FY24 post-issue capital), others pointed to the company’s growth prospects and positive industry trends as reasons to subscribe. The IPO’s strong grey market premium also reflected the significant investor enthusiasm. The final allocation of shares will be determined shortly.

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