IdeaForge lists at 94% above its IPO price
Ideaforge made a steller debut on Friday with its shares listing at a premium 94.21% over their offer price on BSE, the best listing in the last two years. The stock opened at ₹1,305.10, recorded a high of ₹1,344, and closed at ₹1,295.50. The offer price was ₹672.
The previous best listing was by a speciality chemical company Tatva Chintan Pharma on July 29, 2021, which listed at a 95% premium over its issue price. The Ideaforge public issue comprised ₹240 crore for the fresh issue and ₹327 crore in offer for sale. The issues sold between June 26 and 30 were subscribed 106 times.
The retail investor segment was subscribed 85.1 times the portion set aside to them, and the non-institutional investors (NII) segment was subscribed 80.5 times. The qualified institutional buyers' portion was subscribed 125.81 times. Ideaforge is a leading player in the Indian Unmanned Aircraft Systems (UAS) market, with about 50% market share in FY22.
The company manufactures drones for mapping, security, and surveillance applications. JM Financial and IIFL Securities were the lead managers. The company aims to use the proceeds from fresh issue to repay certain debt availed by the company, funding working capital requirements, investment in product development, and general corporate purposes.
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