Subscription for the IPO is set to commence on June 26 and conclude on June 29, with the anchor book launch scheduled for a single day on June 23, 2023. The IPO consists of a fresh issuance of shares amounting to Rs 240 crore, along with an offer for sale of 48.69 lakh equity shares by existing promoters and investors. With the upper price band, ideaForge is projected to raise approximately Rs 567 crore.
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ideaForge Technology, a leading drone manufacturing company, has revealed the price band for its upcoming initial public offering (IPO) to be between Rs 638 and Rs 672 per share. The subscription for the IPO is set to commence on June 26 and conclude on June 29, with the anchor book launch scheduled for a single day on June 23, 2023. The IPO consists of a fresh issuance of shares amounting to Rs 240 crore, along with an offer for sale of 48.69 lakh equity shares by existing promoters and investors. With the upper price band, ideaForge is projected to raise approximately Rs 567 crore.
The basis of allotment is expected to take place on July 4, followed by refunds on July 5, and the listing of shares on exchanges on July 7. At the upper price band, the company’s valuation stands at Rs 2,800 crore. Currently, the promoters hold a 33.97 percent stake in the company, with the remaining shareholding distributed among public shareholders. Notably, Florintree Enterprise LLP and Celesta Capital II Mauritius are the largest shareholders, possessing 11.85 percent and 11.42 percent stake, respectively.
The fresh issue size has been reduced from Rs 300 crore to Rs 240 crore following a pre-IPO placement where ideaForge raised Rs 60 crore by issuing 8.92 lakh shares. The net proceeds from the fresh issue will be allocated towards debt repayment, working capital, product development investment, and general corporate purposes.
JM Financial and IIFL Securities are serving as the book-running lead managers for the IPO, with Link Intime India fulfilling the role of registrar of the offer. ideaForge has received significant support from renowned investors such as Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.
