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IdeaForge Technologies IPO: The IPO of Mumbai based Drone Manufacturing Company IdeaForge is going to knock next week on June 26 to raise money among investors in the market. Investors can apply in the IPO till 29 June. The company has fixed the price band of the IPO at Rs 638-672 per share.
Ideaforge is going to raise Rs 567 crore through IPO according to the upper level of the price band. In the IPO, 75 percent quota i.e. Rs 412 to 425 crore has been reserved for institutional investors. 15 percent i.e. Rs 82-85 crore IPO size has been kept reserved for non-institutional investors. While 10 percent of the IPO size i.e. Rs 55-57 crore has been reserved for retail investors. The IPO will open for anchor investors on June 23. The company has raised Rs 60 crore from investors in the pre-IPO round.
Only last month, SEBI, the regulator of the stock market, had approved the launch of the IPO and the company had filed a draft paper to launch the IPO in February. Fresh shares worth Rs 300 crore will be issued in the IPO, while 48.69 shares will be sold by the existing shareholders of the company through the IPO.
Ideaforge will be the first drone company to be listed on BSE and NSE. Apart from repaying the debt, the amount raised from the IPO will be used for working capital. ideaForge is a Florintree Capital Partners-backed company including veteran telecom hardware manufacturing company Qualcomm, veteran domestic IT company Infosys. Some other investors including Qualcomm will sell their stake in the IPO.
ideaForge is one of the country’s leading companies in the Defense and Homeland Security UAV (Unmanned Aerial Vehicles) segment, founded by an IIT Bombay alumnus. The prototype of the company’s drone was also seen in Aamir Khan’s film 3 Idiots.
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