Indo Farm Equipment shares close over 27% higher in market debut

Indo Farm Equipment

Shares of Indo Farm Equipment on January 7 ended with a premium of over 27 percent against the issue price of Rs 215.

The stock started the trade at Rs 258.40, reflecting a premium of 20.18 percent on the BSE. During the day, it jumped 33.44 percent to Rs 286.90. Shares of the firm ended at Rs 272.70, up 26.83 percent.

At the NSE, it listed at Rs 256, up 19 percent. The stock ended at Rs 273.69, a gain of 27.29 percent.

Indo Farm Equipment's market valuation stood at Rs 1,310.37 crore.

In traded volume terms, 24.07 lakh shares of the firm were traded at the BSE and 242.73 lakh shares at the NSE during the day.

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The initial public offering (IPO) of Indo Farm Equipment garnered a whopping 227.57 times subscription on the closing day of bidding on Thursday.

The Rs 260-crore initial share sale had a price band of Rs 204-215 per share.

The IPO had a fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh shares by promoter Ranbir Singh Khadwalia.

Proceeds from the fresh issue will be used to set up a dedicated unit for expansion of the company's pick and carry cranes manufacturing capacity, payment of debt, investment in the company's NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet its future capital requirements.

Indo Farm Equipment manufactures tractors, pick and carry cranes and other farm equipment.