ideaForge Technology Ltd’s IPO to open on June 26

Ahmedabad: Mumbai-based Drone maker ideaForge Technology has fixed the price band at Rs 638 to Rs 672 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Monday, 26 June, 2023, for subscription and closes on Thursday, 29 June, 2023. Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter, the company said in a release.

According to the company statement, “The public issue with a face value of Rs 10 per equity share comprises of Rs 240 crore of fresh issue and an offer for sale of 4,869,712 equity shares. The offer also includes a reservation for a subscription by eligible employees.”

“The proceeds from its fresh issuance to the tune of Rs. 50 crore will be utilised for repayment / prepayment of certain indebtedness availed by the Company, Rs 135 towards funding working capital gap, Rs 40 crore for investment in product development and general corporate purposes, states the company statement.

The statement also states, “The Company through its IPO will fetch Rs 550.69 crore – Rs 567.24 crore at the lower and upper end of the price band.”

As per to the company release, JM Financial Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.