New Delhi, Jan 2 (PTI) The initial public offer of Indo Farm Equipment garnered a whopping 227.57 times subscription on the closing day of bidding on Thursday.

The Rs 260-crore initial share sale received bids for 1,92,75,49,293 shares against 84,70,000 shares on offer, according to NSE data.

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The portion for non-institutional investors fetched a mammoth 501.65 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 242.40 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 101.64 times.

The IPO of Indo Farm Equipment got subscribed 17.70 times on the opening day of bidding on Tuesday. The company garnered a little over Rs 78 crore from anchor investors.

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The issue has a price band of Rs 204-215 per share.

The IPO comprises a fresh issue of 86 lakh equity shares and an Offer-for-Sale (OFS) of 35 lakh shares by promoter Ranbir Singh Khadwalia.

Proceeds from the fresh issue will be used to set up a new dedicated unit for expansion of the company's pick & carry cranes manufacturing capacity, payment of debt, investment in the company's NBFC subsidiary Barota Finance for financing the augmentation of its capital base to meet its future capital requirements.

Indo Farm Equipment manufactures tractors, pick & carry cranes and other farm equipment.

At the upper end of the price band, the IPO size has been pegged at Rs 260 crore, placing the company's market capitalisation at over Rs 1,000 crore.

Aryaman Financial Services is the sole book-running lead manager for the issue. The equity shares will be listed on the BSE and NSE.

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