Indo Farm Equipment IPO shares are all set to hit the bourses on January 07. The company’s stock was fetching a premium of 42% in the grey market to its issue price a day ahead of listing, indicating a listing price of around Rs 305.
The grey market is an irregulated palace to change hands ahead of listing. Market participants keep an eye on GMP to track listing gains.
Indo Farm Equipment IPO details
The issue was subscribed to a total of 227.67 times. The retailers booked the issue 101.79 times, while it received biddings more than 500 times in the NII category. The QIBs booked the issue over 240 times. The IPO was opened for bidding on December 31 and closed on January 02. It offered shares in a price band in a range of Rs 204 to Rs 215. Furthermore, the issue comprised a combination of fresh shares and an offer for sale (OFS). The company raised Rs Rs 260 crores.
Anchor investors
Indo Farm Equipment disclosed its allocation of 36,30,000 equity shares to 11 anchor investors at Rs 215 per share. These investors include notable names such as Negen Undiscovered Value Fund, Niveshaay Hedgehogs Fund, Rajasthan Global Securities, Subham Capital, India Equity Fund 1, Chhattisgarh Investments, Saint Capital Fund, Vikasa India EIF, Ashika Global Securities, Shine Star Build Cap, and Smart Horizon Opportunity Fund.
Indo Farm Equipment review
“The company is expected to benefit from expanded capacities for pick and carry cranes and support from their proposed financial arm, which will boost tractor sales, resulting in higher turnover and profits going forward,” said Bajaj Broking in an IPO note.
Indo Farm Equipment lead managers
Aryaman Financial Services was the sole book-running lead manager for the issue. While Mas Services worked as the registrar for the IPO, the allotment was finalised on January 03.
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