Indo Farm Equipment's IPO Soars Over 27%

Indo Farm Equipment Ltd experienced a significant stock rise, closing with a 27% premium compared to the initial issue price of Rs 215. The IPO was highly successful, being oversubscribed 227.57 times, with proceeds allocated to expand manufacturing and finance investments.

The stock market witnessed a substantial surge in Indo Farm Equipment Ltd's shares on Tuesday, as they closed with a premium of over 27% against the issue price of Rs 215. The stock opened at Rs 258.40 on the BSE, marking a 20.18% premium.

Throughout the day, the share price climbed as high as Rs 286.90, before closing at Rs 272.70, reflecting a 26.83% increase. On the NSE, the shares listed at Rs 256, gaining 19% before ending the day at Rs 273.69, up 27.29%.

With a market valuation reaching Rs 1,310.37 crore, the company saw a total of 24.07 lakh shares traded on the BSE and 242.73 lakh on the NSE. The IPO, impressively oversubscribed 227.57 times, raised Rs 260 crore, earmarked for manufacturing expansion and financial investments.

(With inputs from agencies.)