Indo Farm Equipment’s shares saw a respectable start to their voyage as a publicly traded company on Tuesday, January 7, following a massive 229.68 times subscription during the three-day bidding period from December 31 to January 2. At a 19.07% premium over its initial public offering price of ₹215, the shares started at ₹256 on the NSE. Likewise, the stock was launched on the BSE at ₹258.40, a 20% premium.
Despite these impressive numbers, the listing fell short of the 35% premium that the grey market had predicted. Rather, the shares produced a good but unimpressive run, settling at about 20% over the IPO price. Indo Farm Equipment’s share allocation was finalized on January 3 after a remarkable response during the three-day subscription period for the initial public offering.
Indo Farm Equipment IPO Details
The Indo Farm Equipment IPO had a lot size of 69 shares with a price range of Rs 204–215 per share. Subscribers could sign up for the IPO between Tuesday, December 31, 2024, and Thursday, January 2, 2025. According to data available on the BSE, Indo Farm Equipment’s Rs 260.15 crore offering witnessed an oversubscription of 229.68 times by the end of the subscription period, with bids for 1,94,53,89,519 shares against the 84,70,000 shares issued.
About the Company – Indo Farm Equipment
Indo Farm Equipment was established in 1994 and is a complete manufacturer of tractors, harvesters, rotavators, and pick-and-carry cranes. The company has more than 20 years of experience in producing pick-and-carry cranes with capacities ranging from 9 to 30 tons and tractors with capacities ranging from 16 to 110 horsepower.
Approximately 93% of the company’s revenues, which are under its own brand names, originate from domestic markets, with the remaining 7% coming from exports. Agriculture, infrastructure, construction, heavy engineering, and industrial projects are among the industries served by the company’s goods. These goods are being sold through 175 dealers in important states including Maharashtra, Haryana, Uttar Pradesh, and Punjab.