Indo Farm Equipment IPO Closed
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Schedule of Indo Farm Equipment
| Issue open date | 31 Dec 2024 |
| Issue close date | 02 Jan 2025 |
| UPI mandate deadline | 02 Jan 2025 (5 PM) |
| Allotment finalization | 03 Jan 2025 |
| Refund initiation | 06 Jan 2025 |
| Share credit | 06 Jan 2025 |
| Listing date | 07 Jan 2025 |
| Mandate end date | 17 Jan 2025 |
| Lock-in end date for anchor investors (50%) | 02 Feb 2025 |
| Lock-in end date for anchor investors (remaining) | 04 Apr 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Indo Farm Equipment
Incorporated in 1994, Indo Farm Equipment Limited manufactures tractors, pick & carry cranes, and farm equipment, including harvester combines and rotavators. Operating under the brands Indo Farm and Indo Power, the company exports to markets such as Nepal, Syria, Sudan, Bangladesh, and Myanmar. Its manufacturing facility in Baddi, Himachal Pradesh, spans 127,840 sq. meters and includes a foundry, machine shop, and assembly units. The facility has an annual capacity of 12,000 tractors and 1,280 cranes, with plans underway to increase crane production capacity by 3,600 units annually through a new unit.
Financials of Indo Farm Equipment
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹260.15 crores |
| Fresh Issue | ₹184.90 crores |
| Offer for sale | ₹75.25 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Setting up Pick & Carry Cranes Expansion Unit | 70.07 (37.9%) |
| Repayment of Borrowings | 50.00 (27.04%) |
| Investment in NBFC Subsidiary | 45.00 (24.34%) |
Strengths
- 330+ tractor & 190 crane components in-house.
- R&D for indigenous tractor & crane designs.
- Barota Finance: ₹127.15 crore loans, 5,900+ customers.
- Global presence in Africa, LATAM, Europe & Asia.
- Retail financing by HDFC, Kotak, ICICI, Axis.
- ISO-certified Baddi facility with foundry & assembly.
Risks
- Revenue is heavily reliant on tractors and cranes
- Awaiting approvals: consent to operate & fire safety NOCs.
- Low tractor capacity due to financing & competition.
- Heavy reliance on banks, NBFC, & Barota Finance.
- Barota Finance is exposed to recovery & regulatory risks.
- Geographical concentration in Himachal Pradesh poses operational risks.
Allotment Status for Indo Farm Equipment
To check your allotment status – click here.
Subscription Figures for Indo Farm Equipment
Subscription numbers as of 5:00 PM on 02 Jan 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 24.20 | 5865.97 | 242.40x |
| HNI (₹2L+) | 18.15 | 9104.52 | 501.63x |
| Retail (upto ₹2L) | 42.35 | 4299.32 | 101.52x |
| Total | 84.70 | 19269.81 | 227.51x |