Drone manufacturer IdeaForge Technology has announced the opening of its initial public offering (IPO) for subscription on June 26.
The company has set a price range of Rs 638 to Rs 672 per share for the IPO.
The subscription window will close on June 29, with the Anchor Book launching for one day on June 23.
Aim to Raise Rs 567 Crore
The primary objective of the IPO is to raise Rs 567 crore.
This includes a fresh issue of shares valued at Rs 240 crore and an offer for sale (OFS) of 48.69 lakh equity shares by promoters and investors, amounting to Rs 327 crore.
In the pre-IPO round, the company has already raised approximately Rs 60 crore, resulting in the reduction of the fresh issue size from Rs 300 crore to Rs 240 crore.
Promoters and Investors Participating in OFS
Promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri will participate in the offer for sale (OFS).
Other shareholders selling their shares include A&E Investment LLC, Agarwal Trademart Pvt Ltd, and Celesta Capital II Mauritius, among others.
The allotment basis will be decided on July 4, and refunds will commence on July 5.
The listing of IdeaForge Technology shares is anticipated to take place on both the BSE and NSE on July 7.
The company intends to utilize the net proceeds from the IPO for debt repayment, working capital requirements, investment in product development, and general corporate purposes.
JM Financial and IIFL Securities serve as the book-running lead managers for the IdeaForge Technology IPO, while the IPO registrar link is Intime India.
IdeaForge Technology: Leading Manufacturer of Unmanned Aircraft Systems
IdeaForge Technology specializes in the production of Unmanned Aircraft Systems (UAS) for mapping, security, and surveillance purposes.
These drones play a crucial role in construction and real estate operations and provide valuable support to defense forces by conducting Intelligence,
Surveillance, and Reconnaissance (ISR) operations along the borders.
