The Indo Farm Equipment IPO is set to open for subscription on December 31 with a price band of ₹215 per equity share. The company is a well-established manufacturer of tractors and Pick & Carry Cranes, with over two decades of experience. Indo Farm Equipment also deals in various agricultural equipment such as Harvester Combines, Rotavators, and other related spare parts and components.
The subscription opens on Tuesday, December 31, and closes on Thursday, January 2. The minimum lot size is 69 equity shares, and investors can subscribe in multiples of 69 shares thereafter. Allocation to anchor investors is scheduled for Monday, December 30.
The IPO includes a new issue of up to 8.6 million equity shares and an offer for sale (OFS) of up to 3.5 million equity shares by promoter Ranbir Singh Khadwalia. The proceeds will be used for enhancing production capacity for Pick & Carry Cranes, repayment or settlement of specific loans, investment in NBFC subsidiary, Barota Finance, to bolster its capital base, and general corporate purposes. For periods ending June 30, 2024, and the financial years ending March 31 for 2024, 2023, and 2022, the firm reported total incomes of ₹755.38 million, ₹3,759.53 million, ₹3,718.18 million, and ₹3,525.21 million, respectively.
Profit after tax for these periods were ₹24.54 million, ₹155.95 million, ₹153.72 million, and ₹137.19 million, respectively. Shares will be allotted on Friday, January 3. Refunds will be processed and shares credited to demat accounts on Monday, January 6.
Shares are expected to be listed on BSE and NSE on Tuesday, January 7. Aryaman Financial Services Ltd is the book-running lead manager for the IPO, while Mas Services Ltd is the registrar handling the issue. Up to 50% of the shares are reserved for Qualified Institutional Buyers (QIB), at least 15% of shares are reserved for Non-Institutional Institutional Investors (NII), and at least 35% of the offer is reserved for Retail Investors.
As of today, Indo Farm Equipment shares are trading at a premium of ₹90 in the grey market, suggesting an estimated listing price of ₹305 apiece, which is 41.86% higher than the IPO price.
Indo Farm IPO subscription details
India’s IPO market ends 2024 on a high note with two new issues and six listings, continuing a robust year for the primary market.
Upcoming IPOs from Indo Farm Equipment and Technichem Organics are set to close out the year, which saw record fundraising of Rs 1.3 lakh crore through IPOs. Next week, apart from the two new IPOs, six listings are also set to take place, including four mainboard listings. This surge in IPO activity underscores the attractiveness and resilience of the Indian market, as companies continue to seek capital through public offerings.
Chemicals and dyes producer Technichem Organics Limited will launch its SME IPO on December 31 to raise ₹25.25 crore. The IPO includes a fresh issue of 45.9 lakh shares and will close on January 2, 2025, on the BSE SME platform. The price band is set at ₹52 to ₹55 per share, with a minimum lot size of 2,000 shares.
The capital will fund a new plant and repay certain borrowings. Leo Dryfruits and Spices Trading Ltd, under the VANDU brand, will launch its SME IPO on the BSE on January 1, 2025, closing on January 3, 2025. The listing date is set for January 8, 2025.
The company seeks to raise ₹25.12 crore through a fresh issuance of 48.3 lakh shares, with the price per share set between ₹51 and ₹52. The minimum lot size is 2,000 shares, requiring a minimum investment of ₹1,04,000 by retail investors. In addition to the new IPOs, several public offers that closed for bidding this week are set to make their market debut next week.
Ventive Hospitality Ltd, Senores Pharmaceuticals Ltd, and Carraro India Ltd will list their shares on the BSE and NSE on Monday, December 30. Unimech Aerospace and Manufacturing IPO is scheduled to list on December 31. Lastly, the SME IPOs of Anya Polytech and Fertilizers Ltd and Citichem India Ltd will make their debut on January 2 and 3, respectively.
The end of 2024 and the beginning of 2025 will keep investors engaged with these new IPO activities.
