ideaForge Technologies Announces IPO Opening on June 26, Reveals Key Details
ideaForge Technologies, a prominent drone manufacturing company, has revealed its plan to initiate its public issue for subscription on June 26. The price band for the offering will be disclosed by the company on June 21.
The subscription period will last until June 29, with the anchor book set to launch for a single day on June 23, 2023.
As part of the initial public offering, ideaForge Technology will issue fresh shares valued at Rs 240 crore, accompanied by an offer for sale of 48.69 lakh equity shares by promoters and investors.
Presently, the company’s promoters hold a 33.97 percent stake, while the remaining shares are owned by public shareholders.
Notably, Florintree Enterprise LLP and Celesta Capital II Mauritius are the largest shareholders in the company, with stakes of 11.85 percent and 11.42 percent, respectively.
The fresh issue size has been revised from Rs 300 crore to Rs 240 crore after ideaForge successfully raised Rs 60 crore through a pre-IPO placement by issuing 8.92 lakh shares.
Moreover, ideaForge has allocated 13,112 equity shares in the public issue exclusively for its employees.
The net proceeds from the fresh issue will be utilized by the company to repay debts, fund working capital, invest in product development, and cater to general corporate requirements.
ideaForge proudly asserts itself as the leader in the Indian unmanned aircraft systems (UAS) market, capturing approximately 50 percent of the market share in FY22. Its revenue from operations has exhibited an impressive CAGR of 131.47 percent during FY20-FY22.
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Given its unique specialization in drone manufacturing, ideaForge has no comparable peers among listed entities.
JM Financial and IIFL Securities have been appointed as the book-running lead managers for the issue, while Link Intime India will serve as the registrar of the offer.
About Dhruv:
IdeaForge unmanned aerial vehicles (UAVs) possess the ability to assist defense forces in performing Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders, as well as in coastal security and surveillance. Furthermore, these UAVs from IdeaForge can also play a significant role in conducting maritime Intelligence, Surveillance, and Reconnaissance (ISR) operations, supporting crime control endeavors.
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