Indo Farm Equipment IPO sails through on Day 1: Check key dates, subscription, GMP, price band and other details
IPO) of Indo Farm Equipment was fully subscribed within minutes of opening for public subscription earlier today.
The retail portion witnessed a buoyant demand, being subscribed by 3.9 times at 10:40 am today, followed by the NIIs, who had subscribed to the issue by 2.74 times. Meanwhile, the qualified institutional buyers (QIBs) had bid for merely 2,898 shares.
The IPO of the Chandigarh-based company consists of a fresh issue of up to 86 lakh equity shares and an offer for sale of up to 35 lakh equity shares by Ranbir Singh Khadwalia, the promoter selling shareholder.
The company has undertaken a pre-IPO placement of 19 lakh equity shares at the rate of Rs 185 per share aggregating to Rs 35.1 crores. Accordingly, the size of the fresh issue has been reduced from 1.05 crore equity shares to 86 lakh equity shares.
Around Rs 50 crore of the amount raised from the IPO will be utilised for repayment or prepayment, in full or part, of certain borrowings availed by the company, further investment in NBFC subsidiary (Barota Finance) for financing the augmentation of its capital base to meet its future capital requirements (Rs 45 crore) and the rest towards general corporate purposes.
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