ideaForge Technology IPO opens: Subscription status, issue price, lot size, listing date, other important details to know

ideaForge IPO opening date: ideaForge Technology — a Mumbai-based manufacturer of drones — launched an IPO on Monday to raise up to Rs 567 crore. The IPO is a combination of fresh issuance, and an offer for sale (OFS) by promoters and existing shareholders. The subscription window for the ideaForge Tech IPO will remain open for three days in total, till June 29.

Here are important things to know about the ideaForge Technology IPO:

Subscription status

By 12:18 pm on Monday — the first day of the bidding process, the ideaForge Tech IPO received bids for 50.31 lakh shares as against the 46.49 lakh shares on offer, translating to an overall subscription of 1.1 times, according to provisional exchange data. 

ideaForge IPO price band

Under the IPO, potential investors can bid for ideaForge shares at Rs 638-672 apiece. Read more

ideaForge IPO lot size

Investors can bid for ideaForge shares in multiples of 22, under the IPO, which translates to Rs 14,036-14,784 per lot. 

ideaForge IPO: Fund utilisation

The company plans to utilise the proceeds from the IPO towards debt repayment, working capital, product development, and general corporate purposes. 

ideaForge IPO - Should you buy? 

Zee Business Managing Editor Anil Singhvi recommends applying for the ideaForge Technologies IPO for listing gains only. Singhvi finds the valuation to be reasonable. Read more on what Anil Singhvi makes of the ideaForge Technology IPO

Anchor investors

Ahead of the launch of the IPO, ideaForge raised approximately Rs 60 crore from institutional investors.

ideaForge IPO listing date, ideaForge IPO allotment date

The basis of allotment will likely be finalised on July 4, and the listing on exchanges BSE and NSE likely to take place on July 7.

What does ideaForge do?

ideaForge specialises in manufacturing unmanned aircraft systems to entities operating in the areas of surveillance, mapping and surveying. This includes the armed forces, police departments, and disaster management agencies. The company holds a significant market share in the country's drone technology landscape. Read the story of ideaForge: From humble beginnings and 26/11 terror attacks to an IPO

ideaForge's impressive roster of investors includes renowned tech giants Infosys and Qualcomm.

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