India's Indo Farm Equipment surges 34% in trading debut

Indo Farm Equipment

07/01/2025 06:21

** Shares of tractor maker Indo Farm Equipment  INDQ.NS 
soar as much as 33.5% to 287 rupees in debut trade; last up ~31%
    ** Stock opened at 256 rupees, about 19% higher than its IPO
price of 215 rupees
    ** At current levels, stock is valued at 13.54 bln rupees
($158.1 mln)
    ** The IPO consisted of fresh issue of 8.6 mln shares and
3.5 mln shares under offer for sale; it was subscribed by 229
times 
    ** Co says proceeds will be used to set up manufacturing
facilities, repayment of debt and investment in NBFC unit
     
    ($1 = 85.6660 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))