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