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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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