Source: BCCL
- The QIB portion of IdeaForge’s IPO was subscribed over 125x the shares on offer.
- Overall, the IPO was subscribed 106 times, while the retail portion was subscribed 85x.
- Two other IPOs – circuit board maker Cyient DLM and construction company PKH Ventures – were also open for subscription on Friday.
The QIB portion was subscribed 125 times the shares on offer, and the IPO overall was subscribed 106 times as of 5 pm.
The IPO dates were extended to four days after an unexpected change in market holiday on Thursday due to Eid al Adah or Bakrid.
The retail portion of the drone maker’s shares on offer has been subscribed 85 times over, with good response from non-institutional buyers.
The price band of the IPO has been fixed at ₹638-672 per equity share, and the company has been planning to raise ₹567 crore at the upper end of the price band.
Two other IPOs – circuit board maker Cyient DLM and construction company PKH Ventures – were also open for subscription. Cyient DLM’s public issue was subscribed 67 times on Friday, its last day, while PKH Ventures, which opened today, was subscribed only 6% overall.
Source: BSE
About the company
The company, which was set up in 2007, manufactures and deploys drones with applications across mapping, security and surveillance. As of 31 May 2023, it catered to 265 clients spanning Indian defence and civil customers, including some of the central armed police forces, state police departments, disaster management forces, forest departments and private contractors.
“Their drones assist defence forces in conducting intelligence, surveillance and reconnaissance (ISR) operations along borders, help navigate a wide range of mining area planning and help boost construction and real estate,” said a report by Stoxbox.
The public issue includes an offer for sale as well as fresh issue, and the proceeds from the fresh issue will be used towards repayment and prepayment of loans, funding working capital requirement, investment in product development and general corporate purposes.
“Due to their leadership and first-mover advantage, they have been able to improve users' experiences by incorporating consumer data and ongoing technological advancements,” says Stoxbox, which had a ‘subscribe’ rating on the issue for the benefit of listing gains.