ideaForge IPO sails through on day 1 with high demand retail and non-institutional investors

26 Jun 2023 , 03:36 PM

The drone maker ideaForge Technology initial public offer (IPO) has been fully subscribed on day 1 of the offer. The 567-crore public issue will close subscription on Thursday, June 29. Click here to subscribe the IPO.

On the first day of the subscription, the issue received an incredible response from retail and employees, with the portion set aside being entirely subscribed within half an hour of launching. Retail investors portion was subscribed 9.57 times, and employee portion was subscribed 6.20 times. Non Institutional Investors (NIIS) subscribed to the issue 2.89 times, whereas qualified institutional buyers’ (QIBs) portion subscribed only 0.01 times by 3.25 PM.

Drone manufacturer IdeaForge has established the price band for its upcoming Initial Public Offering (IPO) at Rs 638 to Rs 672 per equity share. The company aims to raise approximately Rs 567 crore through the IPO. This includes a fresh issue of shares valued at Rs 240 crore and an offer for sale (OFS) of 48.69 lakh equity shares worth Rs 327 crore by the promoters and investors.

Prior to the IPO, IdeaForge conducted a pre-IPO transaction, raising around Rs 60 crore. As a result, the size of the new issuance has been adjusted from Rs 300 crore to Rs 240 crore.