Indo Farm Equipment IPO
Indo Farm Equipment IPO — date, price band, lot size & details 2024
Indo Farm Equipment listed on 7 Jan 2025 at ₹256, 19.1% above the ₹215 issue price.
Indo Farm Equipment makes tractors and pick and carry cranes, with a deeply backward integrated manufacturing set-up in Himachal Pradesh. Its total income was Rs 375.95 crore in FY2024.
Stock price
Indo Farm Equipment is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 31 Dec 2024
- Close 02 Jan 2025
- Allotment 03 Jan 2025
- Refund/credit 06 Jan 2025
- Listing 07 Jan 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 31 Dec to 2 Jan, 2025 |
|---|---|
| Price Band | ₹204 – ₹215 |
| Face Value | ₹10 |
| Lot Size | 69 Shares |
| Issue Size | ₹260.15 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Mas Services Limited |
| Min Investment | ₹ 14,835 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 69 shares at the ₹215 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 69 | ₹14,835 |
| Retail (max) | 13 | 897 | ₹1,92,855 |
| S-HNI (min) | 14 | 966 | ₹2,07,690 |
| S-HNI (max) | 67 | 4,623 | ₹9,93,945 |
| B-HNI (min) | 68 | 4,692 | ₹10,08,780 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 352.52 crore in FY2022 to Rs 375.95 crore in FY2024.
- 02Profit after tax rose from Rs 13.72 crore in FY2022 to Rs 15.60 crore in FY2024.
- 03Rs 184.90 crore of the issue was fresh capital for a new plant and debt repayment.
- 04Net worth grew from Rs 274.80 crore on 31 March 2022 to Rs 342.25 crore on 30 June 2024.
- 05It makes both tractors and cranes, across 2 product lines.
Risks · 5
- 01The pre-issue P/E was 54.39 at the upper band of Rs 215, based on EPS of Rs 3.95.
- 02Growth has been slow, with total income up only from Rs 371.82 crore in FY2023.
- 03Margins are thin, and the source puts the PAT margin at 4.16% and return on net worth at 4.92%.
- 04Total borrowing was Rs 245.36 crore on 30 June 2024, and tractor demand depends on farm incomes.
- 05Promoters held 93.45% before the issue and 69.44% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Indo Farm Equipment offer document.
| Metric | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 644.27 | 647.95 | 622.84 | 619.83 |
| Total Income | 75.54 | 375.95 | 371.82 | 352.52 |
| Profit After Tax | 2.45 | 15.60 | 15.37 | 13.72 |
| NET Worth | 342.25 | 317.06 | 290.37 | 274.80 |
| Total Borrowing | 245.36 | 270.54 | 280.65 | 275.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Indo Farm Equipment RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Indo Farm Equipment IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.95 | ₹2.04 |
| P/E Ratio (x) | 54.39 | 105.25 |
| Market Cap at Offer Price (₹ Cr) | ₹133.35 | ₹258.21 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹215 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹169.12 Cr of the issue is earmarked to named objects.
About the company
It is deeply backward integrated, making many key parts in-house. Its plant is in Himachal Pradesh. It sells cranes both directly and through dealers, and dealers made up 47.00% of crane sales in the three months to 30 June 2024.
Its promoters are Ranbir Singh Khadwalia and Sunita Saini.
The IPO was Rs 260.15 crore, with Rs 184.90 crore of fresh issue and Rs 75.25 crore of offer for sale by Ranbir Singh Khadwalia. Fresh money was planned for a new crane plant, repaying borrowings and investing in its NBFC subsidiary.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Indo Farm Equipment IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Aryaman Financial Services Limited
7 issues handled (5 mainboard, 2 SME)Best listing: Vraj Iron & Steel (+15.9%). Weakest: Narmadesh Brass Industries (-3.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Indo Farm Equipment?
The current Grey Market Premium is ₹76, or 35% over the issue price.
What is the Indo Farm Equipment IPO price band?
₹204 to ₹215, on a face value of ₹10.
When is the allotment?
The basis of allotment is 3 January 2025, with listing on 7 January 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Mas Services Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
