Due to Bakrid, India s National Stock Exchange (NSE) will remain closed for trading on 30 July. Ideaforge, India s top drone maker, generated a lot of investor interest in the first two days of its IPO and was subscribed 8.58 times overall, with the retail portion 27 times over-subscribed. The company s shares currently command a premium of INR540 ($7.24), indicating big listing gains for investors. Ideaforge s IPO is composed of a fresh issue of shares of up to INR2.4bn and an offer for sale of up to 4.86 million shares.
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Ideaforge, India s leading drone manufacturer, has opened its initial public offering (IPO) for subscription. The company has raised INR2.54bn ($34m) from anchor investors, including HSBC, Invesco, and Goldman Sachs. The IPO is priced between INR638-672 per share, with analysts arguing it is reasonably valued given the potential for future growth. With a 50% market share in India s unmanned aircraft systems (UAS) industry, the drones made by Ideaforge are suitable for mapping, security, and surveillance. The IPO consists of an issue of equity shares worth INR2.4bn and an offer for sale of 4.8 million shares.
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.