Indo Farm Equipment came to market through an IPO that opened on 31 December 2024 and closed on 2 January 2025, and the shares listed on 7 January 2025 on BSE, NSE. The price band was ₹204 to ₹215 per share and one lot was 69 shares, so the minimum application was ₹14,835. The issue size was ₹260.15 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Mas Services Limited was the registrar to the issue, and Aryaman Financial Services Limited was the lead manager.
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The Indo Farm Equipment is a major manufacturer of world-class tractors, pick-and-carry cranes, and advanced farm equipment, which also includes the harvester combines, rotavators, and related parts. Products of the company are marketed under the brand names of Indo Farm and Indo Power catering to the home market besides international markets. Indo has an exporting network that touches base with the countries of Nepal, Syria, Sudan, Bangladesh, Kenya, Germany, UAE, among others.
Indo Farm has a world-class manufacturing facility covering 127,840 sq. mtrs. at Baddi, Himachal Pradesh. As of August 31, 2023, this facility has an annual production of 12,000 tractors (16 HP-110 HP) and 720 pick-and-carry cranes, 9 tons to 30 tons. Indo Farm Equipment is the epitome of quality and innovation leading to agricultural and industrial growth everywhere in the world.
As described in the offer document.
| Metric | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
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Indo Farm Equipment raises over Rs 78 crore via anchor book. Negen Undiscovered Value Fund is the largest anchor investors amongst them, buying 6.97 lakh shares worth Rs 15 crore, followed by Niveshaay Hedgehogs Fund, and Rajasthan Global Securities, which invested Rs 10 crore each in Indo Farm Equipment. Further, Subham Capital and India Equity Fund picked shares worth Rs 7 crore and Rs 6 crore, respectively.
Chhatisgarh Investments, Saint Capital Fund, Vikasa India, Ashika Global Securities, Shine Star Build Cap, and Smart Horizon Opportunity Fund, which invested Rs 5 crore each.
Ranbir Singh Khadwalia, Sunita Saini. Promoter holding 93.45% before the issue and 69.44% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Indo Farm Equipment IPO was a ₹260.15 crore book-built issue, comprising a fresh issue of ₹184.9 crore and an offer for sale of ₹75.25 crore. It was priced at ₹204–₹215 per share with a lot size of 69 shares (₹14,835). The IPO was open from December 31, 2024 to January 2, 2025. Shares listed on BSE and NSE on January 7, 2025 at ₹256, a 19.1% premium to the issue price of ₹215. Mas Services Limited is the registrar.
Aryaman Financial Services Limited is the book running lead manager.
The price band of Indo Farm Equipment IPO is ₹204 to ₹215 per share.
The lot size of Indo Farm Equipment IPO is 69 shares.
The minimum investment for Indo Farm Equipment IPO is approximately ₹14,835 based on the upper price band.
The allotment date of Indo Farm Equipment IPO is Jan 3, 2025.
Indo Farm Equipment IPO's final recorded GMP before listing was ₹76 per share (a 35% premium over the ₹215 upper price band). The shares listed at ₹256. GMP is unofficial and does not forecast or guarantee the actual listing price.
Indo Farm Equipment IPO listed on Jan 7, 2025. It was issued at ₹256.0(NSE) and is currently around ₹115.20 as on 30-Oct-2026 3:30 PM, which is approximately -46.4% versus issue price. The 52-week high is ₹241.95.
You can check Indo Farm Equipment IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Indo Farm Equipment IPO allotment status on Rupix for quick and easy access.
₹204 to ₹215 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 69 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,835.
₹14,835, for one lot of 69 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 31 December 2024 and closed on 2 January 2025.
The basis of allotment was published on 3 January 2025 by Mas Services Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 7 January 2025 on BSE, NSE.
The issue size was ₹260.15 crore. The fresh issue was 86,00,000 shares (aggregating up to ₹184.9 crore). The offer for sale was 35,00,000 shares (aggregating up to ₹75.25 crore).