Retail investors’ portion was booked 64.5X while the non-institutional investors (NIIs) category got subscribed a little over 64X
The portion reserved for QIBs saw 38.6X subscriptions against a mere 1.3X on day two
On day two of the IPO, while the retail category got subscribed more than 36X, the NII bids crossed the 22X mark
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
ideaForge’s initial public offering (IPO) saw another session of high subscriptions with issues now booked 50.3X by the end of day three.
While the retail portion was booked 64.5X, the non-institutional investors (NIIs) category got subscribed a little over 64X.
According to BSE data, retail investors raised bids for more than 5.4 Cr shares against 8.4 Lakh shares on offer. Meanwhile, NIIs bid for more than 8 Cr against 12.6 Lakh shares on offer.
On day two of the IPO, while the retail category got subscribed more than 36X, the NII bids crossed the 22X mark.
Meanwhile, on the third day of the IPO, the portion reserved for Qualified Institutional Buyers (QIBs) saw 38.6X subscriptions against a mere 1.3X on day two.
The employees’ portion also continued to witness a surge and was oversubscribed almost 64X.
ideaForge’s IPO, which opened on Monday (June 26), was scheduled to conclude on June 29. However, due to Bakri Id, the issue will close on Friday (June 30).
The drone startup is looking to raise INR 567 Cr from its public offering and had a price band of INR 638-672 per share for the IPO.
Its public offering comprises an offer for sale (OFS) component of 48.7 Lakh shares and a fresh issue of INR 240 Cr shares.
So far, several analysts have shown their confidence in the IPO of ideaForge. Despite a few regulations and competition overhand, most expect the startup to perform well in the market in the long term.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.