ideaforge Technology IPO receives 50 times subscription on Day 3 of sale

Drone maker ideaforge Technology's Initial Public Offer (IPO) received 50 times subscriptions on day three of the share sale on Wednesday.

The company's issue period was revised, as Thursday, June 29, is a holiday on the occasion of Bakri Id. Now, the offer will conclude on June 30.

The Rs 567.24-crore initial share sale received bids for 23,24,32,420 shares against 46,48,870 shares on offer, as per data available with the NSE.

The portion for Retail Individual Investors (RIIs) garnered 64.41 times subscriptions, while the non-institutional investor's quota got subscribed 63.94 times. The category for Qualified Institutional Buyers (QIBs) received 38.15 times the subscription.

The initial public offer 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 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 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 are the managers to the offer.