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Business News/ Markets / Ipo/  Indo Farm Equipment IPO Day 2 Highlights: Issue booked 54 times so far. Check GMP, other details. Apply or not?
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Indo Farm Equipment IPO Day 2 Highlights: Issue booked 54 times so far. Check GMP, other details. Apply or not?

Indo Farm Equipment IPO Day 2 Highlights: Indo Farm Equipment IPO was subscribed over 54 times at the end of the second day of bidding, with the NII portion booked nearly 132 times.

Indo Farm Equipment IPO Day 2 Highlights: Indo Farm Equipment IPO opened for subscription on December 31, and will close on January 2. (Image: Company Website)Premium
Indo Farm Equipment IPO Day 2 Highlights: Indo Farm Equipment IPO opened for subscription on December 31, and will close on January 2. (Image: Company Website)

Indo Farm Equipment IPO Day 2 Highlights: The initial public offering (IPO) of tractor manufacturer Indo Farm Equipment ended the second day of subscription with 54.55 times bids. The issue opened for public subscription on December 31 and will close on January 2. Indo Farm Equipment IPO price band has been set at 204 to 215 per share. At the upper end of the price band, the company aims to raise 260.15 crore from the book-built issue, which is a combination of a fresh issue of 86 lakh equity shares worth 184.90 crore and an offer-for-sale of 35 lakh shares amounting to 75.25 crore. Indo Farm Equipment IPO has received stellar response from investors on the first day, getting heavily oversubscribed.

01 Jan 2025, 05:27:27 PM IST

Indo Farm Equipment IPO Live: Issue booked over 54x at the end of second day

Indo Farm Equipment was subscribed 54.55 times so far on the second day of the book-building process. The qualified institutional buyer's quota was booked 11.96 times, the non-institutional investor's quota was subscribed 131.84 times and the retail investor segment garnered 45.76 times bids.

01 Jan 2025, 05:12:15 PM IST

Indo Farm Equipment IPO Live: Brief summary of company directors

Ambir Singh Khadwalia (Age: 64) is a founding promoter and the Chairman and Managing Director of the company. He has been associated with the company since its inception and holds a Diploma in Mechanical Engineering from Haryana State Board of Technical Education. Prior to Indo Farm, he worked at Eicher Farm Machinery Limited in the Production department. With over 30 years of experience in manufacturing agricultural equipment, he oversees the overall management, plant setups, and business development.

Anshul Khadwalia (Age: 34) is the Whole Time Director, appointed on May 31, 2014, and his designation was changed on August 14, 2023. He holds a Bachelor of Science in Business and Management from Aston University, U.K. Anshul manages sales and marketing strategies for Indo Farm's Tractor and Spare Parts Division and is a TED speaker. He was recognized by Hindustan Times as one of the "Top 30 Under 30."

Charan Singh Saini (Age: 69) is the Whole Time Director, appointed on July 12, 2024. He previously served as Whole-time Director from 2013 to 2021. With a Diploma in Mechanical Engineering, he has over 40 years of experience in the tractor and automobile industry, having worked with HMT Limited and Maruti Suzuki. He currently oversees the manufacturing operations at Indo Farm.

Arshdeep Kaur (Age: 34) is a Non-Executive Independent Director, appointed on June 15, 2022. She holds a Bachelor's in Business Administration, a Master's in Finance and Control from Punjab University, and is a qualified Company Secretary. Arshdeep is Vice Chairperson of the Chandigarh Chapter of ICSI and has over 5 years of experience in corporate law and secretarial functions.

Babita Dosajh (Age: 53) is a Non-Executive Independent Director, appointed on September 12, 2023. She holds an M.A. in Psychology, a Ph.D. in Industrial Psychology, and an MBA. With over two decades of teaching experience, she is currently Associate Dean and Head of the School of Humanities at Amity University, Punjab.

Brij Kishore Mahindroo (Age: 71) is a Non-Executive Independent Director, appointed on August 14, 2023. He holds a B.Sc. and M.Sc. from Himachal Pradesh University and retired as Deputy General Manager after 36 years at Punjab National Bank.

01 Jan 2025, 04:52:20 PM IST

Indo Farm Equipment IPO Live: Some qualitative strengths of the company

1. Fully integrated and established manufacturing Setup

2. Well-educated and experienced management

3. In-house NBFC Setup

4. Manufacturing wide range of products

01 Jan 2025, 04:26:49 PM IST

Indo Farm Equipment IPO Live: Major events & achievements in company history

2000: Commencement of tractor production in Baddi, Himachal Pradesh with technical collaboration from Ursus, Poland.

2001: Launched Indo Farm’s first tractor model 2050 DI.

2005: Launched 3-series tractor range: 3065DI, 3050DI, 3040DI, and 3035DI.

2006: Began exporting engine parts to Ursus, Poland.

2007: Commenced production of Foundry division.

2008: Exported generator engines to UK company, Lister Pitter. Accredited with an ISO 9001:2008 certified Company.

2009: Commencement of production of Indo Power Green Gensets.

2010: Started production of harvester combines and also launched 75HP and 90HP tractors.

2011: Initiated production of new generation crane model 16FN.

2014: Launched Indo Power Pick and Carry cranes with a capacity of 18 tons and 23 tons.

2015: Initiated production of 26 HP 4x4 orchard tractors.

2017: Launched subsidiary, Barota Finance Limited (NBFC), for providing hassle-free and quick finance to esteemed customers.

2019: Launched Indo Power 30 FN crane.

2020: Launch of Indo Farm 20HP and 100HP tractors.

2021: Launched 1026e tractor model for the European market.

2022: Launch of Indo 3055 DI HT and 3060 DI HT tractors.

2023: Launch of Indo Farm 3055 NV PLUS, 3065DI, 3075DI IN BS-IV and Indo Power Pick and Carry cranes of FN series (15, 18, 20, 23, and 30 tonne capacity in 2-wheel drive and 4-wheel drive variants) in BS-IV.

01 Jan 2025, 04:04:01 PM IST

Indo Farm Equipment IPO Live: A comparison with listed peers

Here's how Indo Farm Equipment stacks up against listed peers Action Construction and Escorts Kubota on key financial metrics:
Source: RHP

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01 Jan 2025, 03:45:34 PM IST

Indo Farm Equipment IPO Live: Issue subscribed over 46 times so far

Indo Farm Equipment was subscribed 46.80 times so far on the second day of the book-building process. The qualified institutional buyers(QIB) quota was booked 11.81 times, the non-institutional investors (NII) quota was subscribed 105.56 times and the retail investor portion garnered 41.61 times bids.

01 Jan 2025, 03:29:10 PM IST

Indo Farm Equipment IPO Live: Industry outlook where Indo Farm Equipment operates

The global agriculture equipment market is projected to grow from USD 180.81 billion in 2023 to USD 296.61 billion by 2030, at a CAGR of 7.3% during the forecast period.

The agriculture industry is growing rapidly with the rise in population, thereby leading to high demand for food. With the ever-increasing demand for food production, agricultural machinery has become an essential part of the farming process. This has resulted in rapid growth of the Agriculture Equipment Market around the world. Farm equipment is designed to improve efficiency of farming operations and achieve higher yields, according to the RHP.

01 Jan 2025, 03:13:16 PM IST

Indo Farm Equipment IPO Live: Objectives of the issue

1. Setting up a new dedicated unit for expansion of Pick & Carry Cranes manufacturing capacity

2. Repayment or pre-payment, in full or part, of certain borrowings availed by the company

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

4. General corporate purposes

01 Jan 2025, 02:57:18 PM IST

Indo Farm Equipment IPO Live: Subscribe for long term investment, recommends SBI Securities

Indo Farm Equipment IPO Live: At the upper price band of 215, the company is valued at FY24 P/E and EV/EBITDA multiples of 66.2x and 17.9x respectively on post issue capital. On the financials side, the company’s Sales/EBITDA/PAT has shown a slightly slower CAGR growth of 3.2%/9.5%/6.6% respectively over FY22-24 period, however, they have grown on a consistent basis. Also, the company’s Pick & Carry cranes sales have grown at a CAGR of ~45% in the last 3 years with plants operating at close to full capacity. Indo Farm Equipment’s planned expansion of 3,600 units of cranes per annum is likely to start contributing from 2HFY26 onwards. The company will also double the capital base of its NBFC subsidiary which will help improve its tractor sales performance. We recommend investors to subscribe to the issue at cut-off price for long term investment, said SBI Securities.

01 Jan 2025, 02:07:42 PM IST

Indo Farm Equipment IPO Live: Issue subscribed 39 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 38.86 times so far as the issue received bids for 32.91 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 2:00 PM. The Retail Investors category has been booked 36.23 times, while the Non Institutional Investors (NII) segment has been subscribed 82.54 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 10.70 times.

01 Jan 2025, 01:28:18 PM IST

Indo Farm Equipment IPO Live: Indsec Securities assigns ‘Subscribe’ rating

Indo Farm Equipment IPO Live: Indo Farm Equipment is one of the leading tractor and crane manufacturers in India with a distribution network of 175 dealers. The company has also expanded its product segment and manufactures cranes and other products like harvesters, rotavators etc. We believe the tractor industry is expected to reach ~1.25 million units by FY28E implying a CAGR of 6%. This is led by deployment of modern technology in agriculture coupled with healthy growth in infrastructure activity. The company has grown its Rev/EBITDA/PAT at a CAGR of 3%/9%/7% over FY22-24 with a robust OPM of ~16.5%. Given industry tailwinds and superior financial metrics, we assign a SUBSCRIBE rating to the IPO, said Indsec Securities.

01 Jan 2025, 01:05:02 PM IST

Indo Farm Equipment IPO Live: Issue subscribed 35 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 34.94 times so far as the issue received bids for 29.59 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 1:00 PM. The Retail Investors category has been booked 33.12 times, while the Non Institutional Investors (NII) segment has been subscribed 71.55 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 10.68 times.

01 Jan 2025, 12:44:56 PM IST

Indo Farm Equipment IPO Live: Issue priced at 51.8x P/E, relatively higher than peers: BP Equities

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO is priced at a P/E ratio of 51.8x on the upper price band, based on FY24 earnings, which is relatively high compared to its peers. However, given the company’s improving sales, growth-oriented investment in its NBFC, and favorable industry trends, we recommend a ‘Subscribe’ rating for the issue, said BP Equities.

01 Jan 2025, 12:24:38 PM IST

Indo Farm Equipment IPO Live: Issue subscribed 31 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 30.97 times so far as the issue received bids for 26.23 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 12:20 PM. The Retail Investors category has been booked 30.62 times, while the Non Institutional Investors (NII) segment has been subscribed 58.84 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 10.67 times.

01 Jan 2025, 11:49:12 AM IST

Indo Farm Equipment IPO Live: Subscribe Indo Farm Equipment IPO for long term, says Anand Rathi

Indo Farm Equipment IPO Live: On valuation parse at the upper band of 215 per share, the issue is asking for a Market Cap of 1,033.1 crore and EV/EBITDA at 17 which excludes impact of interest outgo. Based on FY24 earnings, the company is asking a PE of 65x times which is fully priced. 

“Therefore we believe that the Indo Farm with traditional business value and experienced promoters and well planned capacity expansion, debt repayment and strengthening of financial arm are expected to be capitalising over the long run. Hence considering all parameters, we recommend the issue can be considered as Subscribe for long term," Anand Rathi said.

01 Jan 2025, 11:19:51 AM IST

Indo Farm Equipment IPO Live: Issue subscribed over 25 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 25.74 times so far. The issue received bids for 21.79 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 11:10 AM. The Retail Investors category has been booked 26.53 times, while the Non Institutional Investors (NII) segment has been subscribed 47.35 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 8.13 times.

01 Jan 2025, 10:41:56 AM IST

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO GMP at 45%

Indo Farm Equipment IPO Live: Indo Farm Equipment  shares are commanding a strong grey market premium (GMP) on the second day of the bidding. According to the stock market observers, Indo Farm Equipment IPO GMP today is 96 per share. This indicates that Indo Farm Equipment shares are trading at 311 apiece in the grey market, a premium of 45% to the issue price of 215 per share.

01 Jan 2025, 10:18:27 AM IST

Indo Farm Equipment IPO Live: Issue subscribed over 21 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 21.07 times so far as the issue received bids for 17.84 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 10:10 AM. The Retail Investors category has been booked 21.54 times, while the Non Institutional Investors (NII) segment has been subscribed 37.23 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 8.11 times.

01 Jan 2025, 09:26:31 AM IST

Indo Farm Equipment IPO Live: Bidding commences at 10 AM

Indo Farm Equipment IPO Live: The bidding for Indo Farm Equipment IPO will commence at 10 AM today. It is the second day of the Indo Farm Equipment IPO subscription period, and the interested investors have two days left to apply for the issue.

01 Jan 2025, 09:13:11 AM IST

Indo Farm Equipment IPO Live: Issue enters second day of bidding

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has entered into the second day of bidding process today, January 1. The issue opened for public subscription on December 31 and will close on January 2. Investors have two days left to bid for the issue. 

31 Dec 2024, 05:06:37 PM IST

Indo Farm Equipment IPO Live: IPO subscribed 17.71 times on day 1 of issue

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO was subscribed 17.71 times on the first day of issue. The portion reserved for retail investors was subscribed 18.55 times, the NII portion was booked the highest at 28,57 times, and the QIBs portion was subscribed 8.10 times on the first day. The IPO received 15,00,14,832 share applications against 84,70,000 shares offered on Tuesday.

31 Dec 2024, 03:37:56 PM IST

Indo Farm Equipment IPO Live: IPO objectives

Indo Farm Equipment IPO Live: The company intends to use the net proceeds from the IPO to establish a dedicated facility designed to enhance the production capacity of Pick & Carry Cranes ( 70 crore), to repay or settle a portion or all of specific loans acquired by the company ( 50 crore), to increase investment in its NBFC subsidiary (Barota Finance) to bolster its capital base for upcoming requirements ( 45 crore), and to allocate the remaining funds for general corporate purposes.

31 Dec 2024, 02:49:53 PM IST

Indo Farm Equipment IPO Live: Issue subscribed over 12 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 12.77 times so far as the issue received bids for 10.81 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 2:45 PM. The Retail Investors category has been booked 14.95 times, while the Non Institutional Investors (NII) segment has been subscribed 18.66 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 4.55 times.

31 Dec 2024, 02:35:32 PM IST

Indo Farm Equipment IPO Live: Palak Devadiga of StoxBox recommends ‘subscribe’

Indo Farm Equipment IPO Live: On whether one should apply for the book build issue or not, Palak Devadiga, Research Analyst, StoxBox, said, “The issue is priced at a P/E ratio of 51.8x on the upper price band, based on FY24 earnings, which is relatively high compared to its peers. However, given the company's improving sales, growth-oriented investment in its NBFC, and favourable industry trends, we recommend a ‘SUBSCRIBE’ rating for the issue."

31 Dec 2024, 02:07:04 PM IST

Indo Farm Equipment IPO Live: Issue subscribed over 10 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 10.11 times so far as the issue received bids for 8.56 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 2:00 PM. The Retail Investors category has been booked 13.28 times, while the Non Institutional Investors (NII) segment has been subscribed 14.81 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 1.03 times.

31 Dec 2024, 01:37:55 PM IST

Indo Farm Equipment IPO Live: A look at Indo Farm Equipment’s peer comparison

Indo Farm Equipment IPO Live: A look at Indo Farm Equipment’s listed peers

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31 Dec 2024, 12:59:28 PM IST

Indo Farm Equipment IPO Live: Issue subscribed over 8 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 8.04 times so far as the issue received bids for 6.81 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 12:55 PM. The Retail Investors category has been booked 10.86 times, while the Non Institutional Investors (NII) segment has been subscribed 10.82 times so far. The Qualified Institutional Buyers (QIBs) portion has been booked 1.02 times.

31 Dec 2024, 12:33:38 PM IST

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO Objectives

Indo Farm Equipment IPO Live: Indo Farm Equipment plans to utilise the net issue proceeds for setting up a new dedicated unit to expand their pick & carry cranes manufacturing capacity which will cost around 70 crore, repayment or pre-payment of certain borrowings availed by the company upto 50 crore, further investment in NBFC Subsidiary (Barota Finance Ltd.) for financing the augmentation of its capital base to meet its future capital requirements upto 45 crore and for general corporate purposes.

31 Dec 2024, 11:59:38 AM IST

Indo Farm Equipment IPO Live: Subscribe for the long term, recommends Canara Bank Securities

Indo Farm Equipment IPO Live: As of March 2024, Indo Farm Equipment IPO is priced at a P/E ratio of 51.81x, compared to the industry average of 43.82x, which indicates a valuation that appears expensive relative to its peers. Given the company’s growth potential and market positioning, we recommend to ‘Subscribe’ this issue for the long term, for investors willing to take on high risks, said Canara Bank Securities.

31 Dec 2024, 11:07:54 AM IST

Indo Farm Equipment IPO Live: Issue subscribed 3.7 times so far 

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been subscribed 3.73 times so far as the issue received bids for 3.15 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 11:00 AM. The Retail Investors category has been booked 5.68 times, while the Non Institutional Investors (NII) segment has been subscribed 4.12 times so far. The Qualified Institutional Buyers (QIBs) are yet to place their bids.

31 Dec 2024, 10:52:48 AM IST

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO GMP today is 37%

Indo Farm Equipment IPO Live: Indo Farm Equipment shares are commanding a strong grey market premium (GMP) today. According to stock market observers, Indo Farm Equipment IPO GMP today is 80 per share. This indicates that in the grey market, Indo Farm Equipment shares are trading at 295 apiece, a premium of 37% to the issue price of 215 per share.

31 Dec 2024, 10:46:55 AM IST

Indo Farm Equipment IPO Live: Mas Services is Indo Farm Equipment IPO registrar

Indo Farm Equipment IPO Live: Aryaman Financial Services is the book running lead manager of the Indo Farm Equipment IPO, while Mas Services is the IPO registrar.

31 Dec 2024, 10:32:59 AM IST

Indo Farm Equipment IPO Live: Issue fully subscribed

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO has been fully subscribed within minutes of issue opening amid high demand. Indo Farm Equipment IPO has been subscribed 1.32 times so far as the issue received bids for 1.11 crore equity shares as against 84.70 lakh shares on the offer, as per NSE data till 10:20 AM. The Retail Investors category has been booked 1.93 times, while the Non Institutional Investors (NII) segment has been subscribed 1.63 times so far. The Qualified Institutional Buyers (QIBs) are yet to place their bids.

31 Dec 2024, 10:20:41 AM IST

Indo Farm Equipment IPO Live: NII category fully booked within minutes of opening

Indo Farm Equipment IPO Live: The bidding for Indo Farm Equipment IPO commenced at 10:00 AM today and has strong demand. Indo Farm Equipment IPO has been subscribed more than 50% within minutes of opening. The Non Institutional Investors (NII) has been fully booked, while the retail investors’ segment is subscribed 61% so far.

31 Dec 2024, 10:08:13 AM IST

Indo Farm Equipment IPO Live: Company raises ₹78 crore from anchor investors 

Indo Farm Equipment IPO Live: Indo Farm Equipment raised 78 crore from anchor investors ahead of its IPO subscription opening. The company has allotted 36.30 lakh shares to 11 entities at 215 per equity share, the upper end of the price band. This aggregates the transaction size to 78.04 crore. Negen Undiscovered Value Fund, Niveshaay Hedgehogs, Rajasthan Global Securities, Subham Capital, India Equity Fund I, Saint Capital Fund and Vikasa India EIF I Fund - Share Class P, among others, are the anchor investors.

31 Dec 2024, 09:29:39 AM IST

Indo Farm Equipment IPO Live: Price band set at ₹204 to ₹215 per share

Indo Farm Equipment IPO Live: Indo Farm Equipment IPO price band has been set at 204 to 215 per share. At the upper-end of the price band, the company aims to raise 260.15 crore from the book-built issue which is a combination of fresh issue of 86 lakh equity shares worth 184.90 crore and offer-for-sale of 35 lakh shares amounting to 75.25 crore. 

31 Dec 2024, 08:48:09 AM IST

Indo Farm Equipment IPO Live: Issue opens for subscription today

Indo Farm Equipment IPO Live: The initial public offering (IPO) of tractor manufacturer Indo Farm Equipment Ltd opens for subscription today, December 31, and will close on January 2. 

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