IdeaForge Technology IPO Subscribed 3.69 Times On Day 1

The IPO had been subscribed 3.69 times as of 5:00 p.m. on June 26.

<div class="paragraphs"><p>(Source:&nbsp;IdeaForge company website)</p></div>
(Source: IdeaForge company website)

The initial public offering of IdeaForge Technology Ltd. was fully subscribed to on the first day, with the bidding led by retail investors.

The drone-making company launched its IPO on June 26. It looks to raise a total of Rs 567 crore, of which Rs 240 crore will be raised through a fresh issue.

Issue Details

  • Issue Opens: June 26

  • Issue closes: June 29

  • Total Issue Size: Rs 567 crore

  • Face Value: Rs 10 per share

  • Fresh Issue: Rs 240 crore

  • Offer for Sale: Rs 327 crore

  • Shares for OFS: 48,69,712 shares

  • Price Band: Rs 638–672 per share

  • Lot Size: 22 shares

  • Listing: BSE and NSE

The fresh issue of shares dropped to Rs 240 crore from an initial amount of Rs 300 crore after the company raised Rs 60 crore by issuing 8.92 lakh shares in a pre-IPO placement.

IdeaForge IPO: All You Need To Know

Use of Proceeds

The funds raised will be used for the following purposes by the company:

  • Repayment/prepayment of certain indebtedness availed by the company: Rs. 50 crore.

  • Funding working-capital requirements: Rs 135 crore.

  • Investment in product development: Rs 40 crore.

  • General corporate purposes.

Subscription Status: Day 1

The IPO had been subscribed 3.69 times as of 5:00 p.m. on June 26.

  • Institutional investors: 0.01times

  • Non-institutional investors: 5.13 times

  • Retail investors: 12.48 times

  • Employee reserved: 8.47 times

Ahead Of IPO, Drone Maker ideaForge Raises Rs 255 Crore From Anchor Investors

All You Need To Know About IdeaForge Technology's IPO: