scorecardresearchideaForge Technology IPO: Issue subscribed 3.69 times on first day of offer

ideaForge Technology IPO: Issue subscribed 3.69 times on first day of offer

Updated: 26 Jun 2023, 06:48 PM IST
TL;DR.

  • The 567.24 crore-IPO got bid for 1,71,52,080 shares against 46,48,870 shares on offer, as per NSE data.

The IPO has a fresh issue aggregating up to  <span class='webrupee'>₹</span>240 crore and an offer for sale of up to 48,69,712 equity shares.

The IPO has a fresh issue aggregating up to 240 crore and an offer for sale of up to 48,69,712 equity shares.

(PTI) The Initial Public Offer (IPO) of drone maker ideaForge Technology received 3.69 times subscription on the first day of offer on Monday, helped by huge interest from retail and institutional investors.

The 567.24 crore-IPO got bid for 1,71,52,080 shares against 46,48,870 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 12.48 times and non-institutional investors received 5.13 times subscription. The portion meant for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

The IPO has a fresh issue aggregating up to 240 crore and an offer for sale of up to 48,69,712 equity shares.

Price range for the offer is at 638-672 a share. The initial share sale will conclude on June 29.

Proceeds from the fresh issuance to the tune of 50 crore will be utilised for debt payment, 135 crore towards funding working capital gap, 40 crore for investment in product development and the remaining amount for general corporate purposes.

Founded in 2007, the Mumbai-based company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.

The drone maker's customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.

JM Financial and IIFL Securities are the managers to the offer.

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First Published: 26 Jun 2023, 06:48 PM IST