Indo Farm Equipment has successfully raised more than Rs 78 crore from its anchor investors. The company allocated 36.30 lakh shares to 11 investors at Rs 215 per share, the upper price band limit, bringing in a total of Rs 78.04 crore.

Among the investors were 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. 

The company’s public subscription period will run from 31 December, 2024 to 02 January 2025, with a price band of Rs 204-215 per share. The proceeds from this issue will be utilised for expanding Indo Farm’s operations, including the construction of a new manufacturing unit for pick & carry cranes. Additionally, funds will be used for debt repayment and to boost the capital requirements of its subsidiary, Barota Finance.

Indo Farm Equipment specialises in the manufacturing of tractors, pick & carry cranes, and agricultural equipment. 

The share issue allocation will be divided as 50 percent for qualified institutional buyers (QIBs), 35 percent for retail investors, and 15 percent for non-institutional investors.