Mumbai-based Drone maker ideaForge Technology has received bids of 1,71,52,080 shares against the offering of 46,48,870 shares at a price band ranging from Rs 638 to Rs 672 as per the data available in stock exchanges.
ideaForge Technology is one of the country’s pioneers and pre-eminent makers of unmanned aircraft systems in India and has a whooping market share of 50% in the fiscal year 2022. The issue received a positive response and strong interest from various groups of investors with subscriptions to 3.69 times on the first day of bidding. The retail investors subscribed the most 12.48 times followed by the employee portion with a subscription of 8.47 times. Non-Institutional investors subscribed 5.13 times whereas Qualified Institutional buyers subscribed 0.01 times. ideaForge primarily manufactures drones for Defence sector.
The issue started for subscription on Monday, June 26 and will close on Thursday, June 29, 2023.
India’s Drone industry has seen an exponential growth by 60% and the Indian Government has set a valuation of $1 billion in the Drone industry by 2025. It is also expected to generate 1,00,000 jobs in coming five years.