ideaForge Technology IPO subscribed 106x on Final Day

Mumbai-based Drone maker ideaForge Technology is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems ("UAS") market, with a market share of approximately 50% in fiscal 2022, has received bids of 49,30,26,820 shares against the offered 46,48,870 equity shares, at a price band of ₹638-672, according to the data available on the stock exchanges.

The issue received strong interest from all the category of investors, to an overall subscription to 106.05 times on the third day of bidding.

Qualified Institutional Buyer Portion was the most subscribed with a subscription of 125.81 times, followed by Employee Portion with a subscription of 96.58 times, Retail Portion was subscribed 85.16 times, whereas, Non-Institutional Investors Portion was subscribed 80.58 times.

JM Financial Limited and IIFL Securities Limited are the sole book running lead manager while Link Intime India Private Limited is the registrar to the offer.

Source : Equity Bulls

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