According to a circular, Indo Farm Equipment has sold 36.30 lakh equity shares to 11 entities at Rs. 215, which is also the upper end of the price band.
This brings the transaction size to Rs. 78.04 crores.
For its initial share sale at Rs. The issue with a price band of 204-215 will open for public subscription on December 31 and close on January 2.
Rs. 260 crore initial public offer (IPO) consists of fresh issue of 86 lakh equity shares and offer for sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.
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Proceeds from the fresh issue will be used to finance expansion of the company’s pick and carry cranes manufacturing capacity, repayment of debt, investment in the company’s NBFC subsidiary Barota Finance to increase its capital base, to set up a new dedicated unit. Future capital requirements.
Indo Farm Equipment manufactures tractors, pick and carry cranes and other farm equipment.
At the upper end of the price band, the IPO size is Rs. 260 crore has been kept, which makes the company’s market capitalization Rs. 1,000 crores is over.
Half of the issue size is reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Aryaman Financial Services is the sole book-running lead manager for the issue. The equity shares will be listed on BSE and NSE.
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