Mumbai10 minutes ago
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The listing ceremony of Indo Farm Equipment Limited took place on the Bombay Stock Exchange.
Shares of Indo Farm Equipment Limited were listed today (January 7) on Bombay Stock Exchange (BSE) at Rs 258.40, up 20.19% from the share issue price. At the same time, it was listed on the National Stock Exchange (NSE) at Rs 256, 19.07% above the issue price. The issue price of Indo Farm Equipment’s IPO was ₹215 per share.
This IPO was open for bidding from December 31 to January 2, which was subscribed a total of 227.67 times. The IPO was subscribed 101.79 times in the retail category, 242.4 times in the Qualified Institutional Buyers (QIB) category and 501.75 times in the Non-Institutional Investors (NII) category.
Indo Farm Equipment’s IPO was worth ₹260.15 crore.
This issue total of Indo Farm Equipment was ₹ 260.15 crore. For this, the company issued 86,00,000 fresh shares worth ₹184.90 crore. Existing investors of the company sold 35,00,000 shares worth ₹75.25 crore through Offer for Sale i.e. OFS.
Retail investors could bid for maximum 897 shares
Indo Farm Equipment Limited had fixed the IPO price band at ₹204 -₹215. Retail investors could bid for a minimum of one lot i.e. 69 shares. If you had applied for 1 lot at the upper price band of IPO of ₹ 215, you would have had to invest ₹ 14,835.
At the same time, retail investors could apply for a maximum of 13 lots i.e. 897 shares. For this, investors would have to invest ₹ 1,92,855 as per the upper price band.
35% of the issue was reserved for retail investors
The company had reserved 50% of the IPO for Qualified Institutional Buyers (QIB). Apart from this, 35% share was reserved for retail investors and the remaining 15% share was reserved for non-institutional investors (NII).
The company manufactures tractors, pick and carry cranes and harvesting equipment.
Indo Farm Equipment Limited, established in 1994, manufactures tractors, pick and carry cranes and harvesting equipment. The company runs its operations through two brand names, Indo Farm and Indo Power. Indo Farm Equipment products are exported to Nepal, Syria, Sudan, Bangladesh, Myanmar and other countries.
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.
