The IPO of Indo Farm Equipment Limited received great support on the opening day itself on Tuesday. This IPO received 17.70 times subscription amid strong participation from investors. Bids were received for 14,99,60,184 shares against 84,70,000 in the initial share sale, according to NSE data. According to PTI news, the category of non-institutional investors was subscribed 28.56 times, the portion of retail individual investors (RIIs) was subscribed 18.54 times, and the quota of qualified institutional buyers (QIBs) was subscribed 8.10 times. found.
This issue will end on January 2
According to the news, Indo Farm Equipment has raised a little over Rs 78 crore from anchor investors. This issue with a price band of Rs 204-215 per share will end on January 2. The Rs 260 crore initial public offering (IPO) comprises a fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia. The company will use the funds raised for setting up a new dedicated unit for expansion of pick and carry crane manufacturing capacity, repayment of loan, investment in the company’s NBFC subsidiary Barota Finance.
Company’s market capitalization exceeds Rs 1,000 crore
Indo Farm Equipment manufactures tractors, pick and carry cranes and other farm equipment. At the upper end of the price band, the IPO size has been kept at Rs 260 crore, taking the company’s market capitalization to over Rs 1,000 crore. Aryaman Financial Services is the sole book-running lead manager to the issue. The equity shares will be listed on BSE and NSE.
How much is GMP today?
Indo Farm Equipment shares today made strong gains on Gray Market Premium (GMP). According to stock market experts, Indo Farm Equipment IPO GMP on Tuesday was ₹80 per share. It shows that Indo Farm Equipment shares are trading at ₹295 per share in the gray market, 37% higher than the issue price of ₹215 per share.
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