Indo Farm Equipment IPO fully subscribed within an hour on opening day: Price band, key dates and more

Indo Farm Equipment IPO: The initial public offer of Indo Farm Equipment was fully subscribed within an hour of opening for subscription on Tuesday, December 31.

The initial share sale received bids for 3,37,00,014 shares against the 84,70,000 on offer, leading to a 3.98 times subscription until 11:11 a.m.

The retail investors' portion was subscribed 6.02 times, while the non-institutional investors' (NIIs) quota was booked 4.51 times.

Indo Farm Equipment IPO price band and objectives

The issue, with a price range of ₹204-₹215 per share, will conclude on January 2, 2025.

The ₹260.15-crore IPO is a mix of 86 lakh equity shares and an offer for sale of 35 lakh shares.

The money raised will be used to expand the company's pick & carry cranes manufacturing capacity, clear debt and invest in NBFC subsidiary Barota Finance.

Before the public offer, Info Farm Equipment secured ₹78.04 crore from anchor investors, including Negen Undiscovered Value Fund, Rajasthan Global Securities, Niveshaay Hedgehogs, Subham Capital, Vikasa India EIF I Fund—Share Class P and India Equity Fund I, and Saint Capital Fund.

According to a circular on BSE's website, Indo Farm Equipment has allotted 36.30 lakh equity shares to 11 entities at ₹215 per share.

Indo Farm Equipment IPO lot size

Investors can apply for a minimum of 69 shares for ₹14,835.

Indo Farm Equipment IPO: Allotment and listing date

Following the subscription, the allotment for the Indo Farm Equipment IPO will likely be finalised on Friday, January 3. Shares will be listed on the NSE and the BSE on January 7.

Aryaman Financial Services is the lone book-running lead manager for the issue, while Mas Services Ltd is the registrar.