IdeaForge IPO Subscription Status: The initial public offering (IPO) of IdeaForge Technology Ltd was subscribed 6.89 times on Day 2. The public issue that opened for subscription on Monday June 26, will close on Thursday, June 29.
On the second day of the subscription, the issue received overall very positive response from retail, employees, and non institutional investors (NIIS). Retail investors portion was subscribed 22.81 times, and employee portion was subscribed 15.09 times.
Non Institutional Investors (NIIS) subscribed to the issue 9.91 times, whereas Qualified institutional buyers’ (QIBs) portion saw 6% subscription.
The company has received bids for 3,20,26,434 shares against 46,48,870 shares on offer, at 12:24 IST, according to data from the BSE.
The retail investors’ portion received bids for 1,05,21,368 shares against 8,42,865 shares on offer for this segment.
The employees’ portions received bids for 1,11,078 shares against 13,112 on offer for this segment.
The non-institutional investors’ portion received bids for 64,84,874 shares against 112,64,297 on offer for this segment.
The QIBs’ portion received bids for 34,760 shares against 25,28,596 on offer for this segment.
IdeaForge Technology IPO: Issue fully booked on Day 1; check details
The drone manufacturer has set the price band for the IdeaForge IPO at ₹638 to ₹672 per equity share.
The company intends to raise ₹567 crore via the IPO, which would include a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 48.69 lakh equity shares worth ₹327 crore by promoters and investors.
In a pre-IPO transaction, the company raised approximately ₹60 crore. As a result, the size of the new issuance has been cut from ₹300 crore to ₹240 crore.
Ideaforge IPO: Has the order book of drone maker missed the attention of investors?
Promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri will participate in the OFS, while other selling shareholders include A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius, and others.
On Tuesday, July 4, the company will fix the allotment basis, and refunds will begin on Wednesday, July 5. Shares of ideaForge Technology are expected to be listed on the BSE and NSE on Friday, July 7.
The company intends to use the net proceeds of the new issuance to settle debts, meet working capital needs, invest in product development, and for general corporate reasons.
JM Financial and IIFL Securities are the book-running lead managers for the ideaForge Technology IPO. Link Intime India is the IPO registrar.
ideaForge IPO: GMP, subscription status, review. Apply or not?
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Updated: 27 Jun 2023, 12:34 PM IST