IdeaForge Technology IPO (initial public offering) was subscribed 1.01 times on the first day of bidding. The offer received bids for 73.93 lakh equity shares against an issue size of 46.48 lakh, according to the latest data on stock exchanges.
IdeaForge IPO received a remarkable response from retail investors and employees, with the portion reserved being completely subscribed within half an hour of launching
IdeaForge Technology IPO (initial public offering) was subscribed 1.01 times on the first day of bidding. The offer received bids for 73.93 lakh equity shares against an issue size of 46.48 lakh, according to the latest data on stock exchanges.
The IPO that opened for subscription on 26 June, will close on 29 June.
On 26 June, the issue received a remarkable response from retail investors and employees, with the portion reserved being completely subscribed within half an hour of launching.
The retail Investors portion was subscribed 6.15 times and the employee portion was subscribed 4.28 times. For employees, 13,112 shares have been reserved at a discount of Rs 32 per share to the final issue price.
IdeaForge has reserved 75 per cent shares of the offer for qualified institutional buyers (QIBs), 15 per cent for high net worth individuals (HNIs) and the remaining 10 per cent for retail investors.
Non-Institutional Investors (NIIS) subscribed to the issue 97 per cent but the QIBs portion did not receive much subscription as they bought 6,292 shares against the 25.28 lakh shares reserved for them.
HNIs portion was subscribed 1.7 times.
The drone maker is looking to raise a total of Rs 567 crore, of which Rs 240 crore will be raised through a fresh issue.
From an initial amount of Rs 300 crore, the fresh issue of shares declined to Rs 240 crore after IdeaForge raised Rs 60 crore by issuing 8.92 crore in a pre-IPO placement.
The funds raised through IPO will be utilized for funding working-capital requirements, investment in product development, general corporate purposes, and repayment of certain indebtedness availed by the company.
The company is backed by former Blackstone India head Mathew Cyriac’s Florintree Enterprise LLP, and Venture capital investor Celesta Capital II Mauritius, which hold 11.85 per cent and 12.78 per cent respectively, in the company.