The initial public offering (IPO) of drone manufacturer ideaForge Technology will open for subscription on June 26. The company has fixed the price band for the issue at ₹638 to 672 per share, as per reports.
ideaForge Technology IPO will close on June 29 and the anchor book will be launched on June 23 for a day.
The company aims to raise ₹567 crore from the IPO that consists of a fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 48.69 lakh equity shares worth ₹327 crore by promoters and investors, reports said.
The company has raised around ₹60 crore in a pre-IPO round. Hence, the fresh issue size has been reduced to ₹240 crore from ₹300 crore earlier.
Also Read: NSE IPO creates buzz in unlisted market, shows the investor interest in issue
Under the OFS, promoters Ashish Bhat, Amarpreet Singh and Nambirajan Seshadri will take part while other selling shareholders include A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius, among others.
The company will fix the basis of allotment on July 4 and the refunds will be initiated on July 5. ideaForge Technology shares are likely to be listed on July 7 at BSE and NSE.
The company proposes to utilise net proceeds from the fresh issue for repaying debts, working capital requirements, investment in product development and for general corporate purposes.
The book-running lead managers to ideaForge Technology IPO are JM Financial and IIFL Securities. The IPO registrar is Link Intime India.
ideaForge Technology is a manufacturer of Unmanned Aircraft Systems (UAS) for mapping, security and surveillance. These drones are used in construction and real estate operations, and also assist defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders.
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Updated: 21 Jun 2023, 08:58 AM IST