1 week Ago By Divya Prata
Indo Farm Equipment Ltd. will launch its initial public offering on Dec. 31 at a price band of Rs 204–215 per share to raise Rs 260.
15 crore. The proposed public offering consists of a fresh issue of Rs 184.90 crore and an offer-for-sale component of Rs 75.
25 crore, according to the red herring prospectus. Market value at the upper end of the price band as per NDTV Profit calculations is Rs 1,033 crore. Bids can be made in minimum lot sizes of 69 shares, and in multiples of thereafter.
The P/E ratio at the upper limit of the price band for the fiscal ended March 2024 stands at 51.81, compared to the industry average of 42.10, according to the company's price band advertisement.
The agricultural equipment manufacturer has downsized its maiden public offer's fresh issue from 1.05 crore shares to 86 lakh shares. The offer-for-sale component consists of 35 lakh shares, which will be offloaded by promoter Ranbir Singh Khadwalia, according to the red herring prospectus.
As of the September quarter, the company has a Rs 247.3-crore debt on its books. Aryaman Financial Services Ltd.
is the book-running lead manager of the Indo Farm Equipment IPO, while Mas Services Ltd. is the registrar for the issue. The anchor book for the IPO will be launched on Dec.
30. The book-built offer will open on Dec. 31, 2024 and close on Jan.
02, 2025. The equity shares are proposed to be listed on both Bombay Stock Exchange and National Stock Exchange. Indo Farm Equipment manufactures tractors and pick and carry cranes, with over two decades of industry experience.
The company also produces a range of agricultural equipment, including Harvester Combines, Rotavators, and related spares and components. While these additional products do not significantly contribute to the company's overall revenue, Indo Farm’s primary focus remains on its core offerings. With a strong domestic presence, accounting for approximately 93% of its sales, the company also exports its products to international markets.
Indo Farm operates manufacturing facilities featuring advanced infrastructure like a captive foundry, machine shop, and dedicated assembly units..
