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Indo Farm Equipment IPO is a book-built issue of Rs 260.15 crores. The issue is a combination of a fresh issue of 0.86 crore shares aggregating to Rs 184.90 crore and an offer for sale of 0.35 crore shares aggregating to Rs 75.25 crore.
IPO opens for subscription on December 31, 2024, and closes on January 2, 2025. The price band for the IPO is set at ₹204 to ₹215 per share and the minimum lot size for an application is 69.
Company Summary
Incorporated in 1994, Indo Farm Equipment Limited is engaging in manufacturing Tractors, Pick & Carry Cranes, and other harvesting equipment.
The Company operates two brands: Indo Farm and Indo Power, They export their products to countries like Nepal, Syria, Sudan, Bangladesh, Myanmar, etc.
The Company manufactures tractors range 16 HP to 110 HP and pick & carry cranes range 9 to 30 tons. The facility in Baddi, Himachal Pradesh, spans 127,840 sq. meters and includes a foundry, machine shop, and assembly units. The Company has 12000 tractors and 1,280 Pick & Carry Cranes production capacity annually.
The Company spans 127,840 sq. meters of industrial land in Baddi, Himachal Pradesh, housing a captive foundry, machine shop, and fabrication and assembly units for tractors, pick & carry cranes, and other equipment.
They have acquired additional industrial land near the current facility to build a new pick & carry crane manufacturing unit, aiming to increase capacity by 3,600 units per year.
As of June 30, 2024, They had 938 employees on payroll.
Company Strengths
- Fully Integrated and established Manufacturing Setup.
- Well Educated & Experienced Management.
- In-House NBFC Setup.
- Manufacturing Wide Range of Products.
- Product acceptability in multiple countries and a wide variety of financial institutions.
Company Financials
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 644.27 | 647.95 | 622.84 | 619.83 |
| Revenue | 75.54 | 375.95 | 371.82 | 352.52 |
| Profit After Tax | 2.45 | 15.6 | 15.37 | 13.72 |
| Net Worth | 342.25 | 317.06 | 290.37 | 274.8 |
| Total Borrowing | 245.36 | 270.54 | 280.65 | 275 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Objects of the Net Fresh Issue is to raise funds for:
1. Setting up a new Dedicated Unit for Expansion of their Pick & Carry Cranes Manufacturing Capacity
2. Repayment or pre-payment, in full or part, of certain borrowings availed by the Company.
3. Further Investment in NBFC Subsidiary (Barota Finance Ltd.) for financing the augmentation of its capital base to meet its future capital requirements.
4. General Corporate Purposes.
Promoters of the company
Ranbir Singh Khadwalia and Sunita Sainiare the Promoters of the Company. The Promoters currently hold an aggregate of 30,976,748 Equity Shares, aggregating to 78.52% of the pre-offer issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | December 31, 2024 to January 2, 2025 |
| Listing Date | Tuesday, January 7, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹204 to ₹215 per share |
| Lot Size | 69 Shares |
| Total Issue Size | 1,21,00,000 shares (aggregating up to ₹260.15 Cr) |
| Fresh Issue | 86,00,000 shares (aggregating up to ₹ 184.90 Cr) |
| Offer for Sale | 35,00,000 shares of ₹10 (aggregating up to ₹75.25 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 69 | ₹14,835 |
| Retail (Max) | 13 | 897 | ₹1,92,855 |
| S-HNI (Min) | 14 | 966 | ₹2,07,690 |
| S-HNI (Max) | 67 | 4,623 | ₹9,93,945 |
| B-HNI (Min) | 68 | 4,692 | ₹10,08,780 |
Allotment Schedule
| Basis of Allotment | Friday, January 3, 2025 |
| Initiation of Refunds | Monday, January 6, 2025 |
| The credit of Shares to Demat | Monday, January 6, 2025 |
| Listing Date | Tuesday, January 7, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 2, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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