The initial public offering (IPO) of Indo Farm Equipment Ltd has made waves, achieving a staggering 227.57 times subscription on the final day of bidding on Thursday. This makes it one of the most heavily subscribed IPOs in the last 12 months, comparable to the Vibhor Steel Tubes IPO in February 2024 (320 times subscription) and Manba Finance in September 2024 (224 times subscription).
Record-Breaking Numbers Across Investor Categories
The Indo Farm Equipment IPO received bids for an astounding 192 crore shares against the 84.70 lakh shares on offer, as per NSE data. Breaking it down further:
- Non-Institutional Investors (NIIs): A jaw-dropping 501.65 times subscription.
- Qualified Institutional Buyers (QIBs): A robust 242.40 times subscription.
- Retail Individual Investors (RIIs): 101.64 times subscription.
This overwhelming response was further bolstered by an anchor investor allotment, which raised over ₹78 crore before the bidding opened to the public.
Grey Market Premium (GMP) Signals Positive Listing Gains
Market observers tracking grey market premium (GMP) trends reveal that Indo Farm Equipment shares are commanding a GMP of ₹86, indicating a potential 40% gain upon listing. With a price band of ₹204-₹215 per share, the IPO size has been pegged at ₹260 crore at the upper price band, positioning the company’s market valuation at over ₹1,000 crore.
IPO Details and Key Dates
The IPO comprises a fresh issue of 86 lakh equity shares and an Offer-for-Sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia. The allotment of shares is expected to take place on January 3, 2025, while the listing on the exchanges is scheduled for January 7, 2025.
A Strong Performance Among Recent IPOs
The Indo Farm Equipment IPO stands out for its extraordinary investor interest, particularly among NIIs and QIBs. It joins the ranks of other highly successful IPOs this year, further underscoring investor confidence in the company’s growth prospects and robust fundamentals.
Disclaimer: The views and investment tips expressed by experts on Dhan Manage are their own and not those of the platform or its management. Dhan Manage advises users to consult certified financial experts before making investment decisions.
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