IdeaForge Tech IPO: Issue Subscribed 17.97x on Day 3
IdeaForge Technology, a prominent drone manufacturing company, continues to attract substantial investor interest as its initial public offering (IPO) experiences a remarkable subscription rate of 17.97 times on the morning of June 28, marking the third day of bidding.
According to available data from exchanges, investors have purchased 8.35 crore equity shares, surpassing the offer size of 46.48 lakh shares.
Retail investors have demonstrated exceptional enthusiasm, bidding 46.16 times the portion allocated to them. Employees have also exhibited significant interest, subscribing 37.91 times their designated quota. Additionally, a discounted rate of Rs 32 per share has been set for employees, with 13,112 shares specifically reserved for them.
High net worth individuals have subscribed 31.57 times the allocated quota, while qualified institutional investors have shown a subscription rate of 1.66 times.
In terms of allocation, the company has set aside 75 percent of the offer’s shares for qualified institutional buyers (QIB), 15 percent for high net worth individuals (HNI), and the remaining 10 percent for retail investors.
Seeking to raise Rs 567 crore, IdeaForge Tech initiated the IPO on June 26 within a price range of Rs 638 to Rs 672 per share.
The offer comprises a fresh issue of Rs 240 crore and an offer for sale of 48.69 lakh equity shares by existing shareholders.
The proceeds from the fresh issue will be allocated towards debt repayment, meeting working capital requirements, and investing in product development.
About IdeaForge Tech:
IdeaForge Technology is a leading company in the drone manufacturing industry. They are experts in developing and supplying drones for a wide range of purposes, including surveillance, mapping, and surveying. The company’s clients include prestigious organizations like the armed forces and central armed police forces, among others.
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