Indo Farm Equipment Ltd. secured Rs 78 crore from anchor investors on Monday before its initial public offering opens for public subscription a day later.
Among the anchor investors are 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, according to anchor investor data.
Indo Farm Equipment has allotted 36.30 lakh shares to 11 entities at Rs 215 per share, the upper end of the price band, amounting to Rs 78 crore.
The IPO, priced between Rs 204 and Rs 215 per share, will open for public subscription on Tuesday and close on Thursday.
The Rs 260-crore initial public offering includes a fresh issue of 86 lakh equity shares and an offer for sale 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 and 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.
At the upper end of the price band, the IPO size has been pegged at Rs 260 crore, placing the company’s market capitalisation at over Rs 1,000 crore.
Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
Aryaman Financial Services is the sole book-running lead manager for the issue. The equity shares will be listed on the BSE and NSE.
(With PTI Inputs)
