Indo Farm's IPO Sees Overwhelming Response on Opening Day

The initial public offering of Indo Farm Equipment Ltd received robust participation, being oversubscribed 17.70 times on its first day. It aims to raise Rs 260 crore through a new share issue and offer-for-sale. Proceeds will fund expansion, debt payment, and capital augmentation for its NBFC subsidiary.

The initial public offering (IPO) of Indo Farm Equipment Ltd received overwhelming interest on its opening day, with subscriptions exceeding the available shares by 17.70 times. Investor enthusiasm was apparent as the IPO attracted bids for 14,99,60,184 shares against an offer of 84,70,000 shares, data from the NSE showed.

Non-institutional investors led the charge, with their category seeing a 28.56 times subscription, while retail individual investors subscribed 18.54 times. Qualified Institutional Buyers (QIBs) displayed considerable interest as well, subscribing 8.10 times. Indo Farm Equipment had earlier raised over Rs 78 crore from anchor investors.

The Rs 260 crore IPO features a fresh issue of 86 lakh equity shares and an Offer-for-Sale (OFS) of 35 lakh shares by promoter Ranbir Singh Khadwalia. The proceeds will be used for expanding crane manufacturing capacity, repaying debt, and boosting the capital base of its NBFC subsidiary, Barota Finance. Aryaman Financial Services is managing the issue, which will list on the BSE and NSE.

(With inputs from agencies.)