- Retailers and non-institutional investors lapped up the public issue of IdeaForge, as they each subscribed 64x that on offer.
- Qualified institutional buyers (QIBs) also put in bids for 38.62 times the shares on offer.
- The issue will now close on June 30, after the trading holiday for Bakrid was changed.
The retail portion of the shares on offer of the drone maker has been subscribed 64 times over, and so was that of non-institutional buyers.
Qualified institutional buyers (QIBs) also put in bids for 38.62 times the shares on offer, as of the third day of subscription.
As much as 75% of the offer is reserved for QIBs while 15% is meant for non-institutional investors, and 10% has been set aside for retail investors.
The issue was initially set to close on June 29 but after the trading holiday for Bakrid was changed, the IPO closing date was extended to June 30.
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 across 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.