Indo Farm equipment shares surge over 27% on market debut
Indo Farm equipment shares surge over 27% on market debut
Indo Farm Equipment Ltd saw a strong debut on the stock market, with shares closing up by more than 27% above the issue price of Rs 215.
The stock opened at Rs 258.40 on the BSE, marking a 20.18% premium, and hit a high of Rs 286.90, a 33.44% surge during the day. It closed at Rs 272.70, a gain of 26.83%.
On the NSE, the shares listed at Rs 256, up 19%, and closed at Rs 273.69, reflecting a 27.29% rise.
The company's market capitalization now stands at Rs 1,310.37 crore, with 24.07 lakh shares traded on the BSE and 242.73 lakh shares on the NSE.
The IPO, which offered a price band of Rs 204-215 per share, was massively oversubscribed, receiving 227.57 times more bids than available shares on the final day.
The Rs 260-crore offering included 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 for expanding the company's pick and carry cranes manufacturing capacity, paying down debt, and investing in its NBFC subsidiary, Barota Finance, to bolster its capital base for future growth.
Indo Farm Equipment manufactures a range of agricultural equipment, including tractors and pick and carry cranes.
