Indo Farm Equipment's IPO Sparks Frenzy with Sixfold Subscription

Indo Farm Equipment Ltd's IPO was massively oversubscribed, receiving nearly six times the demand within hours of opening. With anchor investment of Rs 78 crore and a price band set at Rs 204-215, the proceeds will fund expansion of crane manufacturing, debt relief, and NBFC capital augmentation.

Indo Farm Equipment Limited's initial public offering (IPO) witnessed overwhelming interest, being subscribed almost six times shortly after opening for bids on Tuesday. Bids totaling 5,00,12,580 shares far exceed the 84,70,000 shares on offer, marking a 5.90 times subscription rate according to NSE's data as of 11:57 hours.

The retail individual investors category saw an enthusiastic response with an 8.54 times oversubscription, while non-institutional investors engaged at a 7.61 times rate. The quota for Qualified Institutional Buyers (QIBs) garnered a modest 1 percent subscription. On the previous day, Indo Farm Equipment revealed it had secured over Rs 78 crore from anchor investors.

The IPO, set to close on January 2, features an Rs 204-215 per share price band, offering a fresh issue of 86 lakh shares and an additional 35 lakh through an Offer-for-Sale by promoter Ranbir Singh Khadwalia. The total IPO scales at Rs 260 crore, boosting the market cap to over Rs 1,000 crore, with Aryaman Financial Services as the lead manager. Listing is anticipated on both BSE and NSE.

(With inputs from agencies.)