Indo Farm Equipment IPO Day 3 Live Updates: Key Highlights, Subscription Status, and Insights
The bidding process for the initial public offering (IPO) of tractor manufacturer Indo Farm Equipment Ltd has reached its final day, closing today, on January 2, 2025.
IPO Day 3 Subscription Status
(January 2, 2025, End of Day)
On the third day of bidding, the Indo Farm Equipment IPO saw an overall subscription of 227.57 times the total shares offered, with non-institutional investors (NIIs) subscribing 501.65 times their allotted portion, retail investors subscribing 101.64 times their reserved shares, and qualified institutional buyers (QIBs) recording a subscription rate of 242.40 times.
IPO Day 2 Subscription Status
(January 1, 2025, End of Day)
On the second day of bidding, the Indo Farm Equipment IPO was subscribed 54.50 times the total shares offered, with non-institutional investors (NIIs) subscribing 131.78 times their allotted portion, retail investors subscribing 65.59 times their reserved shares, and qualified institutional buyers (QIBs) recording a subscription rate of 11.96 times.
IPO Details
- IPO Subscription Period: Opened on December 31, 2024, and closing today, on January 2, 2025.
- Issue Details:
- Fresh issue: 0.86 crore shares worth ₹184.90 crores.
- Offer for sale: 0.35 crore shares worth ₹75.25 crores.
- Allotment and Listing:
- Share allotment is expected on Friday, January 3, 2025.
- Trading is to begin on BSE and NSE with a tentative listing date of Tuesday, January 7, 2025.
- Price Band: ₹204 to ₹215 per share.
- Lot Sizes and Investment Requirements:
- Retail Investors: Minimum lot size of 69 shares requiring ₹14,835.
- sNII: Minimum application size of 14 lots (966 shares) requiring ₹2,07,690.
- bNII: Minimum application size of 68 lots (4,692 shares) requiring ₹10,08,780.
- Key Managers:
- Aryaman Financial Services Limited as the book-running lead manager.
- Mas Services Limited as the registrar.
Use of Proceeds
The proceeds from the Net Fresh Issue will be utilized for several purposes, including establishing a new dedicated unit to expand the manufacturing capacity for pick-and-carry cranes, repaying or partially pre-paying certain borrowings undertaken by the company, further investing in the NBFC subsidiary, Barota Finance Ltd., to strengthen its capital base for future requirements, and addressing general corporate purposes.
Indo Farm Equipment Business Overview
Established in 1994, Indo Farm Equipment Limited is a leading manufacturer of tractors, pick-and-carry cranes, and harvesting equipment. It operates under the brands Indo Farm and Indo Power. The company exports to countries such as Nepal, Syria, Sudan, Bangladesh, and Myanmar.
Its Baddi, Himachal Pradesh facility spans 127,840 square meters and features an integrated foundry, machine shop, and assembly units, with an annual production capacity of 12,000 tractors (16 HP to 110 HP) and 1,280 pick-and-carry cranes (9 to 30 tons). To support growth, the company is developing a new manufacturing unit nearby, increasing crane production capacity by 3,600 units annually.
Financial Highlights
- Revenue increased by 1.21% from Rs 370.76 crore in FY23 to Rs 375.23 crore in FY24.
- Profit after tax (PAT) increased by 1.50% between the financial year ending March 31, 2023 and March 31, 2024, from Rs 15.37 crore to Rs 15.60 crore.
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