ideaForge Technology IPO subscribed 10x on day 2 so far; issue closes on June 28

27 Jun 2023 , 04:16 PM

On the second day of the issue of ideaForge Tecnology IPO, the number of shares being bid for by retail investors continued to rise. As of the time of publishing, the overall subscription rate for the issue reached 10.83 times the shares on offer. The closing date for the issue has been moved up to June 28 instead of June 29, due to a change in the trading holiday for Bakrid. Click here to subscribe the IPO.

However, the issue will remain open for subscription on Wednesday, which was not initially available. The retail portion of the shares, belonging to the drone maker, has garnered significant interest and has been subscribed 32.47 times over as of 04.10 PM on Tuesday.

The non-institutional portion of the shares received a subscription rate of 17.13 times, indicating strong interest from non-institutional investors. However, the qualified institutional buyers’ portion had a much lower subscription rate of only 0.41 times, suggesting limited interest from institutional buyers. The employees reserved portion was subscribed 20.69 times.

JM Financial and IIFL Capital Services are the book-running lead managers, and Link Intime India is the registrar for the issue.