Drone Manufacturer Raises Rs 255 Crore Ahead Of Its IPO

Drone manufacturer ideaForge Technology said on Friday that it has raised Rs 255 crore from investors ahead of its initial share sale that opens for public subscriptions today. According to a circular posted on the BSE website, the company has distributed 37.93 lakh equity shares to 31 funds for a total transaction value of Rs 255 crore at a price of Rs 672 per share.

The anchor investors in the company are Tata AIG General Insurance Company, Tata AIA Life Insurance Company, Max Life Insurance Co Ltd, Pinebridge Global Funds, Goldman Sachs Funds, and Nomura Funds Ireland Public Ltd.

Other mutual funds that took part in the anchor round included ICICI Prudential Mutual Fund (MF), Axis Mutual Fund (MF), HDFC Mutual Fund (MF), Aditya Birla Sun Life MF, Quant MF, Nippon India MF, and Motilal Oswal MF.

The initial public offering (IPO) consists of an offer for sale (OFS) of 48,69,712 equity shares and a new issue of equity shares valued at Rs 240 crore. The offer also entitles qualified employees to reserve a subscription. The public subscription period for the issue, which has a price range of Rs. 638 to Rs. 672 per share, will begin on June 26 and end on June 29.

At the lower and upper ends of the price band,, the IPO size would be Rs 550.69 crore and Rs 567.24 crore respectively. 50 crore of the proceeds from the new issuance will be used to pay off debt, 135 crore to close the working capital gap, 40 crore to invest in product development, and the remaining amount will be used for general corporate purposes.

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