The robust demand was driven by retail investors, whose category was subscribed 4.38 times. While the non-institutional portion was subscribed 1.03 times, there were no bids yet from qualified institutional buyers.
Ideaforge, India s leading drone maker, has opened its initial public offering (IPO) for subscription with a premium of Rs 460 in the unlisted market. The company is offering shares at Rs 638 to Rs 672 apiece and is looking to raise up to Rs 567 crore. Ideaforge got Rs 254 crore during the IPO s anchor round with participation from marquee investors like Nomura, HSBC, and Goldman Sachs. The company s net offer reserves about 75% for the QIB portion, 15% for non-institutional investors, and 10% for retail investors.
Mumbai-based drone maker, Ideaforge, is set to go public on June 26 with a price band of INR638-672 ($8.50-$8.95) per share, raising INR567 crore ($75.8m) at the upper end. Of the net offer amount, 75% is reserved for qualified institutional buyers, 15% for non-institutional buyers, and 10% for retail investors. The company s revenue increased 16% YoY for the fiscal year 2023 to INR186 crore ($24.9m), and net profit stood at INR31.99 crore ($4.28m) for the same period. Ideaforge plans to use proceeds from the IPO for product development and general corporate purposes, and to fund its working capital gap and debt.
IdeaForge has raised funds from anchor investors. Among the numerous participating investors were Nomura, Invesco, Goldman Sachs, and Tata AIG General Insurance. IdeaForge has a significant share in the Indian unmanned aircraft systems market at roughly 50%.