IdeaForge Technology IPO Subscribed 50.3 Times On Day 3

IdeaForge Technology Ltd.'s initial public offering was subscribed 3.69 times on the first day, 13.27 times on day 2 and 50.3 times on Day 3. The bidding so far was led by retail investors, non-institutional investors and employees. The IPO was fully subscribed on first day.

The company plans to raise a total of Rs 567 crore, of which Rs 240 crore will be raised through a fresh issue through the IPO that was launched on June 26.

IdeaForge Technology issue period revised to June 30, as markets will remain closed on June 29 due to Bakri Eid

• Issue Opens: June 26

• Issue closes: June 30 (revised)

• 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.

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.

The IPO had been subscribed 50.3 times as of 5.00 p.m. on June 28.

• Institutional investors: 38.62 times

• Non-institutional investors: 64.06 times

• Retail investors: 64.48 times

• Employee reserved: 63.99 times