The IPO of ideaForge turns out to be the second largest success story since December 2021

MUMBAI, June 30 (The CONNECT)- The IPO of Mumbai-based Drone major ideaForge Technology was subscribed 106 times on the third and final day of bidding. The company 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.

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 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.

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.

Here is the subscription data:

List of IPOs and their subscriptions since December 2021