Indo Farm Equipment: Key details about last IPO of 2024
Indo Farm Equipment Limited will launch its initial public offering (IPO) on December 31, making it the last public issue of 2024 in India. The IPO includes a fresh issue of 0.86 crore shares worth ₹184.90 crore and an offer for sale (OFS) of 0.35 crore shares worth ₹75.25 crore, totaling ₹260.15 crore. It will be open till January 2, with allotment on January 3 and listing on January 7, on both BSE and NSE.
IPO price band and application details
The price band for Indo Farm Equipment IPO has been fixed between ₹204 and ₹215 per share. Retail investors can apply for a minimum of one lot (69 shares) by investing ₹14,835. For small non-institutional investors (sNII), the minimum application size is 14 lots (966 shares) worth ₹2,07,690. For big non-institutional investors (bNII), the minimum size is 68 lots (4,692 shares) worth ₹10,08,780. Aryaman Financial Services Limited is the book-running lead manager, with Mas Services Limited acting as the registrar.
Indo Farm Equipment's business and IPO objectives
Founded in 1994, Indo Farm Equipment Limited manufactures tractors, pick-and-carry cranes, and other harvesting equipment. The company operates under Indo Farm and Indo Power brands. Its products are exported to Nepal, Syria, Bangladesh, etc. The fresh issue proceeds will be utilized for setting up a new dedicated unit to expand pick-and-carry cranes' manufacturing capacity; repaying/prepaying certain borrowings; providing additional investment in its NBFC subsidiary Barota Finance Ltd., to strengthen its capital base for future requirements; and general corporate purposes.
