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Drone Centurion ideaForge subscribed 106x on Final Day

ideaForge Technology: Most subscribed IPO after Data Patterns Since Dec 2021

Retail investors placed bids for more than Rs 3500 crore ($428 million) of shares in ideaForge Technology Ltd’s IPO

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 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.

Company Information

Founded in 2007 and led by first generation entrepreneurs, ideaForge, has a first mover advantage and primarily caters to customers with applications for surveillance, mapping and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.

Having more than a decade of experience in operationalizing UAVs, it is one of the first few companies in India to enter the UAV market and stands 7th globally in the dual use category i.e civil and defence as per the report published by Drone Industry Insights in December 2022. It plans to expand its offerings and operations to Bangladesh, Vietnam and Nepal.

Comparing the last 2 fiscals, its revenue from operations increased by 16.66% from ?159.44 crore in the Fiscal 2022 to ?186.01 crore in the Fiscal 2023, whereas profit after tax stood at Rs 31.99 crore in Fiscal 2023.

  The table below shows subscription data for all the categories of investors:

List of IPOs with no of times subscribed since December 2021

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