IPO
Indo Farm Equipment IPO subscribed 228x
Business Standard Indo Farm Equipment
The Initial Public Offering of Chandigarh-based Indo Farm Equipment Limited was subscribed 227.57 times. The company received bids for 192.75 crore shares as against 84.70 lakh shares on offer. The price band of the IPO was fixed at INR 204-215 per share.The IPO comprises a fresh issue of 86 lakh equity shares worth up to INR 184.9 crore, and an offer for sale (by promoter Ranbir Singh Khadwalia) of 35 lakh equity shares, aggregating up to INR 75.25 crore.The objectives of the fresh issue include INR 71.13 crore for setting up a new dedicated unit for the expansion of pick & carry crane manufacturing capacity, INR 50 crore for the repayment or pre-payment of certain borrowings, INR 45 crore for further investment in the NBFC subsidiary, and the remaining amount for general corporate purposes. It had raised INR 78.04 crore from anchor investors.Incorporated in 1994, Indo Farm Equipment is a fully integrated and established manufacturer of tractors and pick-and-carry cranes. It also deals in other farm equipment, such as harvester combines, rotavators, and related spares and components.
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