Indo Farm Equipment IPO Receives Overwhelming Response with 227.57x Subscription

Indo Farm Equipment's IPO was oversubscribed 227.57 times on the final bidding day. The Rs 260-crore share sale saw massive interest from investors, especially non-institutional buyers. The funds will expand crane manufacturing and pay down debt, boosting market capitalisation over Rs 1,000 crore.

The initial public offering of Indo Farm Equipment witnessed an astounding 227.57 times subscription at the close of bidding on Thursday, underscoring significant investor interest.

According to NSE data, the Rs 260-crore IPO attracted bids for nearly 193 crore shares against an offering of 84.7 lakh shares. Non-institutional investors played a crucial role, with a subscription rate of 501.65 times, while Qualified Institutional Buyers subscribed 242.40 times, and Retail Individual Investors reached 101.64 times.

On its opening day, the IPO had already achieved a 17.70 times subscription, and the company raised over Rs 78 crore from anchor investors. Funds from the fresh issue are earmarked for enhancing crane manufacturing capacities, debt repayment, and bolstering the capital of its subsidiary, Barota Finance.

(With inputs from agencies.)