Drone maker ideaforge Technology IPO subscribed whopping 106 times

Drone maker ideaforge Technology's initial public offer was subscribed whopping 106.05 times on the closing day of subscription on Friday, helped by huge participation from investors.

The Rs 567.24-crore initial share sale received bids for 49,30,29,570 shares against 46,48,870 shares on offer, as per NSE data.

The Qualified Institutional Buyers (QIBs) category was subscribed a huge 125.81 times. The portion for Retail Individual Investors (RIIs) fetched 85.16 times subscriptions and the non-institutional investors part got subscribed 80.58 times.

The Initial Public Offer (IPO) has a fresh issue aggregating up to Rs 240 crore and an offer for sale of up to 48,69,712 equity shares.

The price range for the offer was Rs 638-672 a share.

Of the total proceeds from the fresh issuance, Rs 50 crore will be utilised 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 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 were the managers to the offer.