There is a new listing on the bourses today morning – Indo Farm Equipment. As against the IPO price of Rs.215, it got listed on the BSE at Rs.258.40, rising up further to Rs.286 levels and currently trading at Rs.281 levels.

The IPO was met with an overwhelming response, with overall subscribed 229.68 times, led mainly by HNIs at 503.8x, followed by QIBs at 242x and Retail investors at 104.92x.

Indo Farm Equipment is a 24 year old Chandigarh based manufacturer of tractors (of 16 to 110 horse power capacity) and pick and carry cranes (in the 9 to 30 tons capacity), with both contributing equally to Rs. 375 cr annual topline. It has a network of 175 dealers across Punjab, Haryana, Uttar Pradesh, Maharashtra, Gujarat, Rajasthan, besides an RBI-registered NBFC financing tractor loans, having Rs. 127 cr AUM and 3% net NPA, as of 30.6.24.

Our IPO Analysis conclusion – “We do not recommend the IPO of Indo Farm Equipment due to its unimpressive track record and unattractive pricing.”