Indo Farm Equipment IPO Soars: A 33% Leap on Market Debut

Indo Farm Equipment Ltd listed on the stock market with a significant premium, seeing over a 30% increase compared to its issue price. The IPO, which was oversubscribed 227.57 times, aims to boost manufacturing capacity, repay debt, and fund capital expansion.

Indo Farm Equipment Ltd shares debuted on the stock market with an impressive premium of over 20% above the issue price of Rs 215 on Tuesday. The stock opened at Rs 258.40 on the BSE, marking a rise of 20.18%, and further escalated to Rs 286.90, a jump of 33.44%.

On the NSE, the shares started trading at Rs 256, showing a 19% increase. The company achieved a market valuation of Rs 1,355.30 crore on its first day. The IPO of Indo Farm Equipment was notably oversubscribed, receiving an overwhelming response at 227.57 times the offer on its closing bidding day.

The Rs 260-crore IPO included a fresh issue of 86 lakh equity shares and an Offer-for-Sale of 35 lakh shares by promoter Ranbir Singh Khadwalia. Funds from the issue will contribute to expanding the company's manufacturing unit, repaying debt, and investing in its NBFC subsidiary, Barota Finance, to support future capital requirements.

(With inputs from agencies.)