ideaForge Technology IPO: Opening on June 26 with a Price Range of ₹638-672
ideaForge Technology, a leading drone manufacturer, is set to launch its initial public offering (IPO) on June 26, according to recent reports. The company has established the price range for the IPO at ₹638 to 672 per share.
The subscription window for the ideaForge Technology IPO will remain open until June 29. Prior to that, on June 23, the anchor book will be launched for a single day.
With the IPO, ideaForge Technology aims to raise ₹567 crore. This includes a fresh issue of shares amounting to ₹240 crore, as well as an offer for sale (OFS) of 48.69 lakh equity shares worth ₹327 crore by promoters and investors.
To date, the company has successfully raised approximately ₹60 crore in a pre-IPO round. Consequently, the size of the fresh issue has been adjusted to ₹240 crore from its previous amount of ₹300 crore.
Among the participants in the OFS are promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri, along with other selling shareholders such as A&E Investment LLC, Agarwal Trademart Pvt Ltd, and Celesta Capital II Mauritius.
The basis of allotment for the IPO is expected to be determined on July 4, with refunds initiated on July 5. ideaForge Technology shares are anticipated to be listed on July 7 on both the BSE and NSE.
The net proceeds from the fresh issue will be allocated towards repaying debts, meeting working capital requirements, investing in product development, and addressing general corporate purposes.
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JM Financial and IIFL Securities have been appointed as the book-running lead managers for the ideaForge Technology IPO. Link Intime India will serve as the IPO registrar.
ideaForge Technology specializes in the manufacturing of Unmanned Aircraft Systems (UAS) used for mapping, security, and surveillance purposes. These drones are extensively employed in the construction and real estate sectors, as well as by defense forces for conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders.
About ideaForge:
IdeaForge unmanned aerial vehicles (UAVs) have the capability to aid defense forces in carrying out Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders, coastal security, and surveillance. Moreover, IdeaForge UAVs can also play a crucial role in conducting maritime Intelligence, Surveillance, and Reconnaissance (ISR) operations, thereby supporting efforts in crime control.
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