Indo Farm Equipment Set To Launch IPO On New Year's Eve
As of the September quarter, the company has a Rs 247.3-crore debt on its books.
Indo Farm Equipment Ltd. will open its initial public offering for subscription on Dec. 31. The agricultural equipment manufacturer has downsized its maiden public offer's fresh issue from 1.05 crore shares to 86 lakh shares.
The offer-for-sale component consists of 35 lakh shares, which will be offloaded by promoter Ranbir Singh Khadwalia, according to the red herring prospectus. The three-day issue will close on Jan. 2.
The proceeds raised from the fresh issue of shares will be utilised towards setting up a new dedicated unit for expansion of their pick-and-carry cranes manufacturing capacity, repayment or pre-payment of borrowings, further investment in their NBFC Subsidiary Barota Finance Ltd. for financing the augmentation of its capital base, and general corporate purposes.
As of the September quarter, the company has a Rs 247.3-crore debt on its books.
Aryaman Financial Services Ltd. is the book-running lead manager of the Indo Farm Equipment IPO, while Mas Services Ltd. is the registrar for the issue. The anchor book for the IPO will be launched on Dec. 30.
Business
Indo Farm Equipment is a leading manufacturer of tractors and pick and carry cranes, with over two decades of industry experience. The company also produces a range of agricultural equipment, including Harvester Combines, Rotavators, and related spares and components.
While these additional products do not significantly contribute to the company's overall revenue, Indo Farm’s primary focus remains on its core offerings.
With a strong domestic presence, accounting for approximately 93% of its sales, the company also exports its products to international markets. Indo Farm operates manufacturing facilities featuring advanced infrastructure like a captive foundry, machine shop, and dedicated assembly units.
