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Indo Farm Equipment raises ₹78 crore from anchor investors ahead of ₹260 crore IPO

Indo Farm Equipment raises ₹78 crore from anchor investors ahead of ₹260 crore IPO

Chandigarh-based Indo Farm Equipment on Monday (December 30) said it has raised 78 crore from anchor investors ahead of its initial public offering (IPO). According to a circular uploaded on BSE’s website, Indo Farm Equipment has allotted 36,30,000 equity shares to 11 anchor investors at 215 per equity share.

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The anchor investor names are Negen Undiscovered Value Fund, Niveshaay Hedgehogs Fund, Rajasthan Global Securities, Subham Capital, India Equity Fund 1, Chhattisgarh Investments, Saint Capital Fund, Vikasa India EIF, Ashika Global Securities, Shine Star Build Cap, and Smart Horizon Opportunity Fund.

Also Read: The IPO lock-in period of these companies end in January

The issue, with a price band of 204 to 215 per share, will open for public subscription on December 31, 2024 and conclude on January 2, 2025. The IPO is a combination of a fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.

At the upper end of the price band, the IPO size has been pegged at 260 crore. Proceeds from the fresh issue will be used to set up a new dedicated unit for expansion of the company’s pick & 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.

Also Read: Carraro India becomes the first IPO after ten listings to debut at a discount to its issue price

Aryaman Financial Services is the book-running lead manager for the issue. The equity shares are proposed to be listed on the BSE and NSE.

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