The IPO of Ideaforge Technology’s closing date has been extended to 30th June 2023 after SEBI gave the necessary approval. The date has been extended because of 29th June being a public holiday on the occasion of Bakri Id. The new cut-off time for UPI mandate acceptance is 05:00 PM on the last day of IPO bidding. Further bids with confirmed status of mandate amount blocked (RC100) shall be considered as valid applications. The investors are advised to submit their UPI applications in IPO in advance to avoid any last minute technical/systemic constraints that may hamper their ability to participate in IPOs by successfully accepting the mandate.
IdeaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.
Their customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.
IdeaForge’s IPO is available in the range of Rs 638-672 apiece, with Rs 32 discount for employees. The management intends to utilise the net proceeds for repaying debt, funding working capital requirements, investing in product development, and other purposes.
Ideaforge Technology Limited’s initial public offer was subscribed 13.27 times on the second day of share sale on Tuesday. According to NSE data, the initial share sale of ₹567.24 crore received bids for 6,16,78,386 shares against 46,48,870 shares on offer.
The Retail Individual Investors (RIIs) category received 36.36 times subscription, non-institutional investors quota got subscribed 21.59 times and Qualified Institutional Buyers (QIBs) portion 1.34 times.
The Initial Public Offer (IPO) has an issuance of ₹240 crore and an offer for sale of4,869,712 equity shares. The IPO is in a price range of ₹638-672 a share.
