Indo Farm Equipment Limited

Indo Farm Equipment Limited is a Himachal Pradesh-based manufacturer incorporated in 1994, producing tractors, pick and carry cranes, harvester combines, rotavators and related components under its Indo Farm and Indo Power brands. Its integrated manufacturing facility in Baddi spans over 127,000 square metres and includes an in-house foundry, machine shop and fabrication units, giving it an annual production capacity of about 12,000 tractors and 720 cranes. The company designs its tractors and cranes in-house, sourcing a large share of components internally, and exports to more than two dozen countries including Nepal, Bangladesh, Myanmar, Syria and Sudan. It also operates an NBFC subsidiary, Barota Finance Limited, which provides retail financing to the company's own customers alongside financing tie-ups with banks such as HDFC, Kotak, ICICI and Axis, supporting sales of its equipment. Ownership rests with promoters Ranbir Singh Khadwalia and Sunita Saini. The company used a mix of fresh issue proceeds and a partial promoter sell-down in its IPO, primarily to fund expansion of its crane manufacturing capacity, repay borrowings and invest further capital into its NBFC subsidiary, while revenue has grown steadily even as reported margins remain comparatively thin for the sector.

The company raised about Rs 78.05 crore from anchor investors at the issue price of Rs 215 per share, representing roughly 60 percent of the QIB reservation, ahead of the IPO opening.