The initial public offer (IPO) of drone maker Ideaforge Technology received a 3.69 times subscription on the first day of the offer on Monday, helped by huge interest from retail and institutional investors.
The Rs 567.24-crore IPO got bids for 1.71 crore shares against 46.4 lakh shares on offer, according to NSE data.
The category for retail individual investors (RIIs) was subscribed 12.48 times, and the non-institutional investors’ portion received 5.13 times subscription.
The portion meant for qualified institutional buyers got subscribed 1 per cent.
The IPO has a fresh issue aggregating up to Rs 240 crore and an offer for the sale of up to 48,69,712 equity shares.
The price range for the offer is at Rs 638-672 a share. The initial share sale will conclude on June 29.
Proceeds from the fresh issuance to the tune of Rs 50 crore will be used for debt payment, Rs 135 crore towards funding the working capital gap, Rs 40 crore for investment in product development and the remaining amount for general corporate purposes.
Founded in 2007, the Mumbai-based company hasthe largest operationaldeployment of drones across India.
IdeaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.
The drone maker’s customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.
