New Delhi, Jan 7 (PTI) Shares of Indo Farm Equipment Ltd on Tuesday listed with a premium of over 20 per cent against the issue price of Rs 215.

The stock started the trade at Rs 258.40, reflecting a premium of 20.18 per cent on the BSE. It further jumped 33.44 per cent to Rs 286.90.

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At the NSE, it listed at Rs 256, up 19 per cent.

The company's market valuation stood at Rs 1,355.30 crore.

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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 had a price band of Rs 204-215 per share.

The IPO had 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 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.

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