IPO of IdeaForge Technology: Day one of the issue was full; examine specifics

ideaForge IPO GMP
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IPO of IdeaForge Technology Membership Status: On Day 1, IdeaForge Technology Ltd.’s initial public offering (IPO) was subscribed to 1.01 times. Thursday, June 29 marks the end of the public issue, which opened for subscription on Monday, June 26.

The issue received a tremendous response from employees and retailers on the first day of the subscription, with the entire reserved section being subscribed within half an hour of its launch. The employee portion was subscribed to 3.09 times and the retail investors portion was subscribed to 4.04 times.

97% of the issue’s subscribers were Non-Institutional Investors (NIIS), while only a small number of QIBs (qualified institutional buyers) signed up.

According to data from the BSE, the company has received bids for 47,30,110 shares, compared to the 46,48,870 shares that were offered at 12:09 IST.

34,52,130 shares, compared to the 8,42,865 shares offered for this segment, were offered to retail investors.

There were bids for 40,810 shares for the employees’ portions, compared to the 13,112 offered for this segment.

The non-institutional financial backers’ piece got offers for 12,35,938 offers against 112,64,297 on offer for this section.

The drone maker has decided that the IdeaForge IPO will cost between Rs 638 and Rs 672 per equity share.

The organization means to raise ₹567 crore through the Initial public offering, which would incorporate a new issue of offers worth ₹240 crore and a proposal available to be purchased (OFS) of 48.69 lakh value shares worth ₹327 crore by advertisers and financial backers.

The business was able to raise approximately 60 crore yen in a pre-IPO transaction. The new issue has been reduced from 300 crore to 240 crore as a result.

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

The company will adjust the allotment system on Tuesday, July 4, and refunds will begin on Wednesday, July 5. On Friday, July 7, the BSE and NSE are expected to list shares of ideaForge Technology.

The new issuance’s net proceeds will be put toward debt repayment, meeting working capital requirements, product development investments, and other general corporate goals.

The ideaForge Technology IPO’s book-running lead managers are JM Financial and IIFL Securities. The IPO registrar is Link Intime India.

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