Indo Farm Equipment Secures Rs 78 Crore from Anchor Investors Ahead of IPO

Indo Farm Equipment has raised over Rs 78 crore from anchor investors prior to its IPO. The company has allotted 36.30 lakh shares to 11 entities at Rs 215 per share. The IPO consists of a fresh issue of 86 lakh shares and a sale of 35 lakh shares by the promoter.

Indo Farm Equipment announced on Monday that it has raised slightly more than Rs 78 crore from anchor investors, setting the stage for its upcoming initial public offering (IPO). The allotment involved 36.30 lakh shares distributed among 11 entities at Rs 215 per equity share, the peak of the agreed price band.

The IPO, which opens for public subscription on December 31 and will conclude on January 2, is valued at Rs 260 crore. It features a fresh issuance of 86 lakh shares in addition to 35 lakh shares sold by promoter Ranbir Singh Khadwalia.

Funds raised will aid in expanding the manufacturing capacity for pick & carry cranes, reduce debt, and bolster the company's NBFC subsidiary, Barota Finance. Aryaman Financial Services manages the IPO, with shares set for listing on BSE and NSE.

(With inputs from agencies.)