ideaForge shares make sensational debut on D-Street with 94% premium

7 Jul 2023 , 09:55 AM

IdeaForge’s highly successful initial public offering (IPO) of Rs 567 crore, focused on unmanned aerial vehicles (UAVs) and drones, led to a remarkable listing on the stock exchanges. The company’s shares debuted at Rs 1,300 on NSE, marking a staggering 93.45% increase from the issue price of Rs 672, and at Rs 1,305.10 on BSE, reflecting a significant 94.21% surge.

During the four-day bidding process from June 26-30, the IPO received an overwhelming response, with an overall subscription of 106.06 times, as per BSE data. The category reserved for qualified institutional bidders (QIBs) was subscribed an impressive 125.81 times, while non-institutional bidders (NIIs) showed a subscription of 80.58 times. Retail investors exhibited strong interest, with their portion subscribed 85.20 times, and the employees’ portion attracting 96.65 times bids.

IdeaForge raised Rs 240 crore through fresh issues and over Rs 320 crore through an offer for sale. The net proceeds from the fresh issue will be utilized for working capital requirements, debt repayment, and product development, reinforcing the company’s growth plans.