 "Indo Farm IPO to open on Dec 31 with price band of Rs 204-215 per share")
Indo Farm Equipment on Tuesday fixed a price band of Rs 204 to Rs 215 per share for its initial share-sale that opens for public subscription on December 31.
The Rs 260-crore issue will conclude on January 2 and the bidding for anchor investors will open for a day on December 30, the company announced.
The initial public offering (IPO) of Indo Farm Equipment comprises fresh issue of 86 lakh equity shares and an offer for sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.
Proceeds from the fresh issue will be used to set up a new dedicated unit for expansion of the company's pick & carry cranes manufacturing capacity, payment of debt, investment in the company's NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet its future capital requirements.
Indo Farm Equipment manufactures tractors, pick & carry cranes and other farm equipment.
At the upper end of the price band, the IPO size has been pegged at Rs 260 crore, placing the company's market capitalisation to over Rs 1,000 crore.
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Half of the issue size has been 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 managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.