Fri Jan 03 13:30:00 UTC 2025: **Indo Farm Equipment IPO Oversubscribed 229 Times, Listing Expected Tuesday**

MUMBAI, January 3, 2025 – Indo Farm Equipment’s initial public offering (IPO) concluded with phenomenal success, closing 229.68 times oversubscribed. The IPO, open from December 31, 2024 to January 2, 2025, raised ₹260.15 crore (approximately $31.6 million USD) at a price band of ₹204-₹215 per share. The strong investor response generated bids totaling nearly ₹42,000 crore (approximately $5.07 billion USD) from over 54.16 lakh applications.

Allotment of shares is expected to be finalized by Friday, January 3rd, with successful bidders receiving debit confirmation or IPO mandate revocation notices by Monday, January 6th. The company’s shares are slated to list on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Tuesday, January 7th, commanding a market capitalization of ₹1,033.11 crore (approximately $125 million USD).

The IPO comprised a fresh issue of ₹184.90 crore and an offer-for-sale (OFS) of up to 35 lakh equity shares. Demand was particularly strong across investor categories, with QIBs oversubscribed 242.40 times, NIIs 503.83 times, and retail investors 104.92 times.

Based on a strong grey market premium (GMP) of ₹95-₹100 per share, analysts predict a listing pop of approximately 45-47%. Aryaman Financial Services acted as the book running lead manager, while MAS Services served as the registrar. Investors can check their allotment status on the BSE website or the MAS Services portal starting Saturday, January 4th. Indo Farm Equipment, established in 1994, manufactures tractors, cranes, and harvesting equipment, exporting to several countries including Nepal, Syria, Sudan, Bangladesh, and Myanmar.

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