© Reuters.
Indo Farm Equipment, a leading agricultural machinery company, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) on Wednesday, seeking to launch an initial public offering (IPO). The draft papers lodged on September 28 included an offer-for-sale of 35 lakh shares by promoter Ranbir Singh Khadwali, which represents 29.14% of the post-offer share capital.
The IPO, which is yet to have a final issue size announced, consists of 1.4 crore equity shares, including a potential pre-IPO placement. Aryaman Financial Services is managing the offering, while MAS Services has registered it.
The company intends to allocate INR 175.6 crore ($2.34 million) from the proceeds towards expansion in Baddi, Himachal Pradesh. Additional funds will also be directed towards debt clearance and boosting its non-banking financial company (NBFC) subsidiary, Barota Finance.
In terms of financial performance, Indo Farm Equipment reported a profit of INR 155.64 crore ($2.07 million) and revenue of INR 370.76 crore ($4.93 million), largely driven by domestic sales which account for 90% of the total revenue.
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