Mumbai-based drone manufacturing company ideaForge is gearing up to make a splash in the stock market with its Initial Public Offering. As per the firm, its IPO will open for subscription on June 26, the price band for which will range between Rs 638-672. Meanwhile, the closing date for the three-day stake sale is slated for June 29.
The offering is a combination of fresh issue equity shares worth Rs 240 crore and an offer for sale (OFS) of 4,869,712 equity shares worth Rs 327 crore by promoters and existing shareholders. The company intends to raise Rs 567 crore with its offer. Prior to opening the IPO for public subscription, an allocation round will take place on June 23.
Shareholders including Amarpreet Singh, Nambirajan Seshadri, Sujata Vemunri, Sundararajan K Pandalgudi, Naresh Malhotra, A&E Investment LLC, Agarwal Trademart, Celesta Capital II-B Mauritius, Export-Import Bank of India, Celesta Capital II Mauritius, Indusage Technology Venture Fund I and Qualcomm Asia Pacific in addition to promoter Ashish Bhatt will be taking part in the OFS.
Retail individual investors (RIIs), non-institutional investors (NIIs), and qualified institutional buyers (QIBs) will be able to subscribe to the IPO between 26-29 June. Regarding reserved shares, 75% of the issue has been designated for QIBs, 15% for NIIs, and an additional 10% for retail investors.
The IPO’s proceeds will be used to repay debts, increase working capital, develop new products, and address general corporate objectives. Such funds will be essential as the business expands in order to maintain the momentum of its innovation and growth.
IdeaForge has demonstrated sound financial standing after raising roughly Rs 60 crore from institutional investors in a pre-IPO round. The size of the new issue was therefore decreased from the originally anticipated Rs. 300 crore to Rs. 240 crore. The money raised in the pre-IPO round will be put to use for general business needs and expansion plans.
IdeaForge Technology, which was incorporated in 2007, manufactures unmanned aircraft systems (UAS) for mapping, security, and surveillance. These drones can perform a wide variety of mapping and planning tasks for mining areas.
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