Ideaforge Technology IPO: Subscription Deadline Extended to June 30
Ideaforge Technology, the Mumbai-based drone maker, has announced an extension of the subscription deadline for its Initial Public Offering (IPO) until June 30, 2023. This decision comes after receiving approval from the Securities and Exchange Board of India (SEBI). The extension was necessary due to June 29 being a public holiday observed for Bakri Id. Investors now have until 05:00 PM on the last day of IPO bidding to submit their UPI applications, with bids that have confirmed status of mandate amount blocked (RC100) being considered valid. To ensure smooth participation in the IPO and avoid any last-minute technical or systemic constraints, investors are advised to submit their UPI applications well in advance.
Established in 2007, Ideaforge Technology holds the distinction of having the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India. Notably, the company has garnered support from prominent ventures and private equity investors such as Qualcomm Asia, Infosys, and Celesta Capital.
Ideaforge’s clientele spans various sectors, including the armed forces, central armed police forces, state police departments, disaster management forces, forest departments, and civil customers.
The IPO has raised considerable interest, with a subscription rate of 13.27 times on the second day of share sale. NSE data reveals that the offering, priced at ₹567.24 crore, received bids for 6,16,78,386 shares against the 46,48,870 shares on offer.
The Retail Individual Investors (RIIs) category witnessed a subscription rate of 36.36 times, while non-institutional investors subscribed 21.59 times, and Qualified Institutional Buyers (QIBs) portion was subscribed 1.34 times.
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The IPO comprises a fresh issuance of up to ₹240 crore, along with an offer for sale of up to 4,869,712 equity shares. The price range for the shares in the IPO is set at ₹638-672 per share.
Proceeds from the IPO will be allocated as follows: ₹50 crore for debt payment, ₹135 crore to bridge the working capital gap, ₹40 crore for investment in product development, and the remaining amount for general corporate purposes.
About Ideaforge Technology:
IdeaForge unmanned aerial vehicles (UAVs) possess the capacity to assist defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations for border security, coastal protection, and surveillance purposes. Additionally, IdeaForge UAVs can play a vital role in performing maritime Intelligence, Surveillance, and Reconnaissance (ISR) operations, thereby aiding in crime control endeavors.
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