The listing ceremony of Indo Farm Equipment Limited was held at the Bombay Stock Exchange.
Shares of Indo Farm Equipment Limited were listed today (January 7) on the Bombay Stock Exchange (BSE) at Rs 258.40, up 20.19% from the issue price of the shares. At the same time, it was listed on the National Stock Exchange (NSE) at Rs 256, which was 19.07% above the issue price. The issue price of Indo Farm Equipment’s IPO was ₹215 per share.
This IPO was open for bidding from December 31 to January 2 and was subscribed a total of 227.67 times. The IPO was subscribed 101.79 times in the retail category, 242.4 times in the qualified institutional buyer (QIB) category and 501.75 times in the non-institutional investor (NII) category.
Indo Farm Equipment’s IPO was worth ₹260.15 crore.
The total for this issue of Indo Farm Equipment was ₹260.15 crore. For this, the company issued 86,00,000 new shares worth ₹184.90 crore. Existing investors of the company sold 35,00,000 shares worth ₹75.25 crore through Offer for Sale i.e. OFS.
Retail investors could offer a maximum of 897 shares
Indo Farm Equipment Limited had set the IPO price band at ₹204 to ₹215. Individual investors could bid for at least one lot, or 69 shares. If you had applied for 1 lot in the upper IPO price band of ₹215, you would have had to invest ₹14,835.
At the same time, individual investors could apply for a maximum of 13 lots or 897 shares. For this, investors would need to invest ₹1,92,855 as per the upper price band.
35% of the issue was reserved for individual investors
The company had reserved 50% of the IPO for qualified institutional buyers (QIBs). Apart from this, 35% of the shares were reserved for retail investors and the remaining 15% were reserved for non-institutional investors (NII).
The company manufactures tractors, pick and carry cranes and harvesting equipment.
Indo Farm Equipment Limited, established in 1994, manufactures tractors, pick-up and transport cranes and harvesting equipment. The company runs its operations under two brands, Indo Farm and Indo Power. Indo Farm Equipment products are exported to Nepal, Syria, Sudan, Bangladesh, Myanmar and other countries.
What is IPO?
When a company issues its shares to the general public for the first time, it is called an initial public offering, i.e. an IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises funds by selling some shares to the public or issuing new shares. For this, the company brings an IPO.