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The initial public offer of drone maker ideaforge Technology Limited was subscribed 13.27 times on the second day of share sale on Tuesday.

The Rs 567.24 crore initial share sale received bids for 6,16,78,386 shares against 46,48,870 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 36.36 times subscription, non-institutional investors quota got subscribed 21.59 times and Qualified Institutional Buyers (QIBs) portion 1.34 times.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 240 crore and an offer for sale of up to 4,869,712 equity shares.

The IPO is in a price range of Rs 638-672 a share.

Proceeds from the fresh issuance to the tune of Rs 50 crore will be utilised for debt payment, Rs 135 crore towards funding 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 has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) 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.

JM Financial and IIFL Securities are the managers to the offer.