On day three of the share sale on Wednesday, the Initial Public Offering (IPO) of drone manufacturer Ideaforge Technology garnered 50 times as many subscriptions.
Due to the Bakri Id holiday falling on Thursday, June 29, the corporation changed its issue period. The deal will now expire on June 30.
According to statistics available with the NSE, bids for 23,24,32,420 shares were received for the Rs 567.24 crore initial share sale compared to 46,48,870 shares that were offered.
Retail Individual Investors’ (RIIs) share received 64.41 times as many subscriptions as non-institutional investors’ (NIIs) share did. The subscription for the category for Qualified Institutional Buyers (QIBs) was 38.15 times higher.
A fresh issue of up to Rs 240 crore and an offer to sell up to 48,69,712 equity shares are both included in the initial public offering.
The offer’s price range is Rs 638–722 per share.
50 crore rupees of the proceeds from the new issuance will be used to pay off debt, 135 crore rupees to close the working capital shortfall, 40 crore rupees to invest in product development, and the remainder rupees will be used for general corporate reasons.
The Mumbai-based firm, which was established in 2007, boasts India’s largest operational deployment of domestic unmanned aerial vehicles (UAVs).
Several well-known venture capital and private equity firms, such as Qualcomm Asia, Infosys, and Celesta Capital, have supported ideaForge.
Customers of the drone manufacturer include the military, national armed police, state police, emergency response teams, forest departments, and civilian clients.
