Indo Farm Equipment shares list at 20% premium over IPO issue price; key details

Shares of Indo Farm Equipment made a decent Dalal Street debut on Tuesday as the commercial vehicle player was listed at Rs 258.40 on BSE, premium of 20.19 per cent over its issue price of Rs 215. Similarly, the stock kicked off its maiden trading session with a premium of 19.07 per cent over the issue price at Rs 256 on BSE.

The listing of Indo Farm Equipment has been below the expectation. Ahead of their listing, shares of Indo Farm Equipment were commanding a grey market premium of Rs 78-80 apiece, suggesting a listing pop of about 36-37 per cent for the investors. However, the GMP had surged up to Rs 95-100 post the closure of the issue.

The IPO of Indo Farm Equipment ran for bidding between December 31, 2024 and January 02, 2025. It sold its shares in the price band of Rs 204-215 per share with a lot size of 69 shares. The company raised a total of Rs 260.15 crore from its IPO, which includes a fresh share sale of 86 lakh worth Rs 184.90 crore and an offer-for-sale (OFS) of up to 35 lakh equity shares.

The issue was overall subscribed a solid 229.68 times, fetching bids for close to Rs 42,000 crore with more than 54.16 lakh applications. The portion for qualified institutional bidders (QIBs) was booked 242.40 times, while the quota for non-institutional investors (NIIs) was subscribed a stellar 503.83 times. The allocations retail investors were subscribed 104.92 times.

Incorporated in 1994, Chandigarh-based Indo Farm Equipment is engaged in manufacturing tractors, pick & carry cranes, and other harvesting equipment. It operates two brands: Indo Farm and Indo Power. They export their products to countries like Nepal, Syria, Sudan, Bangladesh, Myanmar and more.

Brokerage firms were mostly positive on the issue and suggested subscribing to it. Aryaman Financial Services is the book running lead manager of the Indo Farm Equipment IPO, while MAS Services is the registrar for the issue.