IdeaForge Tech IPO: Fully Booked on Day 1; Details Inside

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IdeaForge Tech IPO Fully Booked on Day 1 Subscription, Allotment Details Revealed

The highly anticipated initial public offering (IPO) of IdeaForge Technology Ltd garnered an overwhelming response on its opening day, reaching a subscription level of 1.01 times. The public issue, which commenced on Monday, June 26, will remain open for subscription until Thursday, June 29.

Within just 30 minutes of its launch, the IPO saw remarkable enthusiasm from retail investors and employees, with the allocated portions being completely subscribed. The retail investors’ portion witnessed a subscription of 4.04 times, while the employees’ portion received a subscription of 3.09 times.

In contrast, the Qualified Institutional Buyers (QIBs) section did not witness significant subscription, whereas the Non-Institutional Investors (NIIs) subscribed to 97% of the issue.

As of 12:09 IST, the company has received bids for 47,30,110 shares out of the total 46,48,870 shares on offer, as reported by the BSE.

In the retail investors’ portion, bids were received for 34,52,130 shares against the 8,42,865 shares on offer for this segment.

The employees’ portion attracted bids for 40,810 shares, surpassing the 13,112 shares available for subscription in this segment.

For the non-institutional investors’ portion, bids were received for 12,35,938 shares, while the segment offered 112,64,297 shares.

IdeaForge Technology has set the price band for its IPO at Rs 638 to Rs 672 per equity share.

The company aims to raise ₹567 crore through the IPO, which includes a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 48.69 lakh equity shares valued at ₹327 crore by promoters and investors.

Ahead of the IPO, the company conducted a pre-IPO transaction, raising approximately ₹60 crore. As a result, the new issuance size has been revised from ₹300 crore to ₹240 crore.

Promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri will participate in the OFS. Other selling shareholders comprise A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius, among others.

On Tuesday, July 4, the allotment basis will be finalized, followed by the commencement of refund processing on Wednesday, July 5. IdeaForge Technology shares are expected to be listed on the BSE and NSE on Friday, July 7.

The net proceeds from the IPO will be utilized by the company to repay debts, meet working capital requirements, invest in product development, and for general corporate purposes.

JM Financial and IIFL Securities serve as the book-running lead managers for the ideaForge Technology IPO, with Link Intime India as the IPO registrar.

About IdeaForge Tech:

IdeaForge unmanned aerial vehicles (UAVs) possess the capacity to assist defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations for border security, coastal protection, and surveillance purposes. Additionally, IdeaForge UAVs can play a vital role in performing maritime Intelligence, Surveillance, and Reconnaissance (ISR) operations, thereby aiding in crime control endeavors.

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