Subscribe for Indo Farm Equipment Ltd IPO; Anand Rathi

IPO

Incorporated in 1994, Indo Farm Equipment is a fully integrated and established manufacturer of tractors and pick-and-carry cranes. It also deals in other farm equipment such as Harvester Combines, Rotovators and other related spares & components, which do not materially contribute to total revenue of the Company. Its products are being exported to various countries. The products are marketed and distributed through a network of 175 dealers across states including Punjab, Haryana, Uttar Pradesh, Maharashtra, Gujarat, Rajasthan, and others. Intends to increase its dealer base to above 500 in the next 3 years. Over the past three financial years, approximately 93% of total sales were from domestic markets, while around 7% came from exports.

Therefore we believe that the Indo Farm with traditional business value and experienced promoters and well planned capacity expansion, debt repayment and strengthening of financial arm are expected to be capitalising over long run. Hence considering all parameters, we recommend the issue can be consider as “SUBSCRIBE for LONG TERM”.

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