Page 24 - Ideaforge Technology News Today : Breaking News, Live Updates & Top Stories | Vimarsana

IdeaForge will make its grand debut on the bourses on July 7.

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 ...

According to IPO watch, shares of IdeaForge enjoyed a premium of Rs 450 in grey markets, implying a likely listing price of Rs 1,122 on the upper price band

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 Technology IPO: The drone manufacturing company is looking to raise Rs 567 crore through at the upper end of the price band of Rs 638-672