Tue Dec 31 17:30:38 UTC 2024: **Indo Farm Equipment IPO Oversubscribed 17 Times on Day 1**

**New Delhi, December 31, 2024** – The initial public offering (IPO) of Indo Farm Equipment Ltd. saw a massive response on its opening day, with subscriptions reaching 17.70 times the number of shares offered. The ₹260 crore IPO, which opened on December 31st, received bids for 14,99,60,184 shares against the 84,70,000 shares on offer.

Strong investor interest was seen across categories, with non-institutional investors subscribing 28.56 times and retail individual investors (RIIs) 18.54 times. Qualified Institutional Buyers (QIBs) subscribed 8.10 times. The company had already raised over ₹78 crore from anchor investors on December 30th.

The IPO, priced between ₹204 and ₹215 per share, includes a fresh issue of 86 lakh equity shares and an offer-for-sale (OFS) of 35 lakh shares by promoter Ranbir Singh Khadwalia. Proceeds from the fresh issue will fund the expansion of the company’s pick & carry cranes manufacturing capacity, debt repayment, and investment in its NBFC subsidiary.

Indo Farm Equipment manufactures tractors, pick & carry cranes, and other agricultural equipment. At the upper price band, the company’s market capitalization is estimated to exceed ₹1,000 crore. Aryaman Financial Services is the sole book-running lead manager for the IPO, and the equity shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The IPO will close on January 2nd, 2025.

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