Indo Farm Equipment Limited IPO

Mainboard

Tractors

Listed On: Jan 7, 2025 at ₹ 256.0(NSE)

₹ 14835 /69 Shares

Check Allotment

31 Dec, 2024

Open Date

02 Jan, 2025

Close Date

03 Jan, 2025

Allotment Date

07 Jan, 2025

Listing Date

Price Summary

Last Closing

238.25 (10.81%)

52 Week High

293.20

52 Week Low

136.80

Last Update

28-Oct-2025 3:30 PM

Indo Farm Equipment IPO Issue Details

Issue Price ₹204-215 per equity share
Face Value ₹10 Per Equity Share
Total Issue Size 1,21,00,000 shares(aggregating up to ₹260.15 crore)
Fresh Share 86,00,000 shares(aggregating up to ₹184.9 crore)
Offer For Sale 35,00,000 shares(aggregating up to ₹75.25 crore)
Listing at BSE, NSE
List Price 256.0(NSE)
Listing Date 2025-01-07
Lead Manager Aryaman Financial Services Limited
Registrar Mas Services Limited

Market Lot Size

Investors can bid for a minimum of 69 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	69	₹14,835
Retail(max)	13	897	₹1,92,855

Indo Farm Equipment IPO Reservation

Indo Farm Equipment IPO offers total 1,21,00,000 shares. Out of which 24,20,000 (20%) allocated to QIB, 18,15,000 (15%) allocated to NII,42,35,000 (35%) allocated to RII, NA (NA%) allocated to employees and 36,30,000 (30%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	36,30,000 (30%)
QIB Shares Offered	24,20,000 (20%)
NII (HNI) Shares Offered	18,15,000 (15%)
bNII < ₹10L	12,10,000 (10%)
sNII < ₹10L	6,05,000 (5%)
Retail Shares Offered	42,35,000 (35%)
Total Shares Offered	1,21,00,000 (100%)

Indo Farm Equipment IPO Documents

DRHP

RHP

ANCHOR

Indo Farm Equipment IPO Details

Indo Farm Equipment IPO is a book-built issue of ₹260.15 crores, The total issue size is ₹260.15 crores. The IPO of Indo Farm Equipment is priced at ₹204-215 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Dec 31, 2024 and ends on Jan 2, 2025. The allotment for Indo Farm Equipment IPO will be finalized on Jan 3, 2025. Indo Farm Equipment IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jan 7, 2025. The company shall list its equity shares on the BSE, NSE. Mas Services Limited is the registrar of the issue.

Retail investors can bid for a minimum of 69 shares, extendable to 14,835. The book-running lead manager for the IPO is/are Aryaman Financial Services Limited.

The total issue ₹260.15 crore, comprising a fresh issue of 86,00,000 shares ₹184.9 crore and having Offer for Sale (OFS) of 35,00,000 shares to mop up ₹75.25 crore.

The Indo Farm Equipment IPO sets its price band at 204-215 for each share. A single application for Indo Farm Equipment Limited IPO must contain at least 69 shares. Sentiment investors need to invest a minimum of 69 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,835

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	24,20,000	18,15,000 12,10,000 6,05,000	42,35,000	84,70,000
Day 1 31-12-24 05:00 PM	8.10 x	28.57 25.15 x 35.41 x	18.55 x	17.71 x
Day 2 01-01-25 05:00 PM	11.96 x	131.84 130.00 x 135.51 x	45.76 x	54.55 x
Day 3 02-01-25 05:00 PM	242.40 x	501.65 548.13 x 408.67 x	101.64 x	227.57 x

Total No of Applications

53,72,747

Subscription on the basis of Applications

Retail:76.12x BHNI:108.62x SHNI:390.01x

Indo Farm Equipment Valuations

EPS Pre IPO 3.95

EPS Post IPO 2.04

P/E Pre IPO 54.39

P/E Post IPO 105.25

ROE 5.13%

ROCE 8.96%

Debt/Equity 0.85

RoNW 4.92%

PAT Margin 4.16

Price to Book Value 2.55

Indo Farm Equipment Company Financials

In Crs.

In Cr.

	31-Mar-24	31-Mar-23	31-Mar-22
Assets	647.95	622.84	619.83
Revenue	375.95	371.82	352.61
Profit After Tax	15.6	15.37	13.72
Net Worth	317.06	290.37	274.8
Total Borrowing	270.54	280.65	275

About Indo Farm Equipment Company

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.

Indo Farm Equipment - Promoter(s)

Ranbir Singh Khadwalia

Sunita Saini

Pre Issue Share Holding : 93.45%

Post Issue Share Holding : 69.44%

Indo Farm Equipment IPO - Issue Objectives

Setting up new Dedicated Unit for Expansion of their Pick & Carry Cranes Manufacturing Capacity

Repayment or pre-payment, in full or part, of certain borrowings availed by the Company

Further Investment in NBFC Subsidiary (Barota Finance Ltd.) for financing the augmentation of its capital base to meet its future capital requirements.

General Corporate Purposes

Indo Farm Equipment IPO - Anchor Investors

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.

Indo Farm Equipment IPO - Peers Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
Indo Farm Equipment Limited	4.15	4.15	84.43	N/A	4.92	N/A	Consolidated
Escorts Kubota Limited	96.24	96.24	830.43	36.79	11.44	2.28	Consolidated
Action Construction Equipment Ltd.	27.56	27.56	103.28	47.42	30.78	10.23	Consolidated

Notes:

The figures of Indo Farm Equipment Limited are based on Restated financial statements for the year ended March 31, 2024.
Current Market Price (CMP) is the closing price of peer group scripts as on November 29, 2024.
The figures for the peer group are based on the consolidated audited financials for the year ended March 31, 2024.

Strength

The company operates ISO 9001:2015 certified manufacturing facilities spanning 1,27,840 square metres in Baddi, Himachal Pradesh. These facilities house a captive foundry unit, a dedicated machine shop, and fabrication and assembly units for tractors and pick and carry cranes.

In a strategic move to bolster its operations, the company has established an in-house Non-Banking Financial Company (NBFC) named Barota Finance Limited. This subsidiary offers tractor financing solutions to its customers, enhancing the company's service portfolio.

The company has successfully penetrated international markets, exporting its products to a multitude of countries, including Nepal, Syria, Sudan, Bangladesh, Myanmar, Kuwait, Jordan, Gabon, Chile, Yemen, Uruguay, Ghana, Nigeria, Ethiopia, Mauritius, Afghanistan, Mexico, Kenya, Uganda, UAE, Malaysia, and Germany, with an annual production capacity of 3,600 units.

Weakness

A substantial portion of the company's revenue is derived from the sale of tractors and pick-carry cranes. This heavy reliance on these product lines exposes the business to potential adverse impacts in the event of reduced demand or manufacturing disruptions.

The company faces the risk of being unable to obtain, renew, or maintain the requisite statutory and regulatory licences, registrations, and approvals needed to operate its business. Such a situation could result in significant adverse effects on the company's business, financial condition, and operational results.

The company lacks long-term agreements with its raw material suppliers. This absence of contractual commitments may lead to increased raw material costs or potential shortages, posing challenges to the company's supply chain and cost management.

Contact Details

Indo Farm Equipment

SCO 859, NAC Manimajra Kalka Road, Chandigarh 160101

0172-2730060

compliance@indofarm.in

https://www.indofarm.in/

Registrar Contact Details

Mas Services Limited

(011) 2610 4142

ipo@masserv.com

https://www.masserv.com/opt.asp

Indo Farm Equipment IPO - FAQs

Ans. Indo Farm Equipment Limited IPO is a Mainboard IPO. The issue is priced at ₹204-215 per equity share. The minimum order quantity is 69 Shares. The IPO opens on Dec 31, 2024, and closes on Jan 2, 2025. Mas Services Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Indo Farm Equipment Limited IPO opens on Dec 31, 2024 and closes on Jan 2, 2025.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Indo Farm Equipment Limited IPO is Total ₹260.15 Cr : #Fresh Issue : 86,00,000 shares(aggregating up to ₹184.90 Cr) + #OFS : 35,00,000 shares of ₹10(aggregating up to ₹75.25 Cr).

Ans. The Indo Farm Equipment Limited IPO price band is set between ₹204-215 per equity share.

Ans. To apply for Indo Farm Equipment Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Indo Farm Equipment Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Indo Farm Equipment Limited IPO is Jan 3, 2025.

Ans. The Indo Farm Equipment Limited IPO will be listed on Jan 7, 2025.

Ans. Follow the steps to check the Indo Farm Equipment Limited IPO allotment status online.