Mumbai: Indo Farm Equipment Limited is coming out with its Initial Public Offering (IPO) of 12,100,000 equity shares priced at Rs 204 to Rs 215 each — aggregating to Rs 260 crores – which will open on December 31, 2024 and close on January 2, 2025.

The IPO comprises of a Fresh Issue of upto 8,600,000 equity shares and an Offer for Sale of upto 3,500,000 equity shares by Ranbir Singh Khadwalia (Promoter Selling Shareholder).

Ranbir Singh Khadwalia, Promoter and Managing Director, said here recently that his rural farming roots had led to him to becoming a mechanical engineer and later acquiring this company, where the last three years witnessed 40% growth in the crane business alone.

The Company owned 100 acres land in Himachal Pradesh of which 30 acres land would have a new manufacturing plant to build 3,600 cranes per year, he said, adding that 10% of the company’s revenue comes from exports.

“We are observing the need for higher horsepower tractors that have attachments for various accessories,” Anshul Khadwalia, Wholetime Director, said while stating that the IPO funds would be invested in cutting-edge technology for manufacturing tractors and cranes.

While Rs 70 crores would be invested in building the new manufacturing facility, Rs 50 crores would go for prepayment/repayment of borrowings and Rs 45 crores on future capital requirements with the remaining for general corporate purposes, he said.

To a question about manufacturing combine harvesters, he said “We have harvester combines for the export market only, but our focus is on tractors and cranes.”

The Company’s Revenue for FY24 was Rs 375.2 crores with PAT being Rs 15.5 crores, he said.

The equity shares are proposed to be listed on BSE Limited and NSE Limited. Aryaman Financial Services Limited is the Book Running Lead Manager to the Offer.