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Indo Farm Equipment IPO Over-Subscribed: 54.50 Times on Day 2

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By Rediff Money Desk, New Delhi   Jan 01, 2025 17:45

Indo Farm Equipment's IPO witnessed strong investor interest, garnering 54.50 times subscription on day 2. Learn about the IPO details, subscription figures, and future plans.
New Delhi, Jan 1 (PTI) The initial public offer of Indo Farm Equipment Ltd received 54.50 times subscription on the second day of bidding on Wednesday.

The initial share sale got bids for 46,16,50,572 shares against 84,70,000 shares on offer, as per NSE data.

Non-Institutional Investors part garnered 131.78 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 45.70 times. The portion for Qualified Institutional Buyers (QIBs) fetched 11.96 times subscription.

The initial public offer of Indo Farm Equipment Ltd got subscribed 17.70 times on the opening day of bidding on Tuesday amid strong investors participation.

Indo Farm Equipment on Monday said it has garnered a little over Rs 78 crore from anchor investors.

The issue, with a price band of Rs 204-215 per share, will conclude on Thursday.

The Rs 260-crore initial public offering (IPO) has a fresh issue of 86 lakh equity shares and an Offer-for-Sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.

Proceeds from the fresh issue will be used to set up a new dedicated unit for expansion of the company's pick & carry cranes manufacturing capacity, payment of debt, investment in the company's NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet its future capital requirements.

Indo Farm Equipment manufactures tractors, pick & carry cranes and other farm equipment.

At the upper end of the price band, the IPO size has been pegged at Rs 260 crore, placing the company's market capitalisation at over Rs 1,000 crore.

Aryaman Financial Services is the sole book-running lead manager for the issue. The equity shares will be listed on the BSE and NSE.
Source: PTI
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