Unlisted shares of Indo Farm Equipment Ltd continue to trade at Rs 310 apiece in the gray market, a premium of 44.19 per cent over the upper IPO price of Rs 215. This indicates a strong listing benefit for investors on January 7.
IPO of Indo Farm Equipment.
Indo Farm Equipment IPO: Indo Farm Equipment Ltd’s initial public offer (IPO), which was opened for public subscription on Tuesday, was oversubscribed 17.87 times on the first day of bidding. Now, as of 2:04 pm on the second day of bidding on Wednesday, the Rs 260.15 crore IPO was oversubscribed 38.86 times with 32,91,30,414 shares bid received against 84,70,000 shares on offer.
So far, the non-institutional investors (NII) category has received 82.54 times subscription, while the retail investors quota has been subscribed 36.23 times. QIB category received 10.7 times subscription.
The IPO will close on Thursday, January 2.
Indo Farm Equipment IPO GMP Today
According to market observers, the unlisted shares of Indo Farm Equipment Ltd continue to trade in the gray market at Rs 310 apiece, a premium of 44.19 per cent over the upper IPO price of Rs 215. 7.
Indo Farm Equipment IPO Size
The IPO includes a fresh issue of 8.6 lakh equity shares and an offer for sale (OFS) of 3.5 lakh shares by promoter Ranbir Singh Khadwalia.
IPO Price of Indo Farm Equipment
Indo Farm Equipment has set a price band of Rs 204 to Rs 215 per share for its IPO.
Indo Farm Equipment IPO Date
The Rs 260 crore IPO will open for public subscription on December 31, 2024 and close on January 2, 2025.
Indo Farm Equipment IPO: More Details
The Rs 260 crore initial public offer (IPO) consists of 8.6 lakh equity shares and an offer for sale (OFS) of 3.5 lakh equity shares by promoter Ranbir Singh Khadwalia.
Proceeds from the fresh issue will be used to expand the company’s manufacturing capacity of pick and carry cranes, repay debt, set up a new dedicated unit for investments in the company’s NBFC subsidiary Barota Finance. In order to increase its capital base for future capital requirements
Indo Farm Equipment manufactures tractors, pick and carry cranes and other farm equipment.
At the upper end of the price band, the IPO size is pegged at Rs 260 crore, taking the company’s market capitalization to over Rs 1,000 crore.
Ariman Financial Services is the sole book-running lead manager for the issue.
The equity shares will be listed on BSE and NSE.