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IDEAFORGE Technology, a drone manufacturer, has set an IDEAFORGE IPO price range of Rs 638-672 per share. The company had stated that its first public offering (IPO) will be available for subscription on June 26.
The offer will be closed on June 29, 2023, and the anchor book will be launched for one day on June 23, 2023.
The drone manufacturer’s initial public offering includes a new issuance of shares worth Rs 240 crore, as well as an offer for sale of 48.69 lakh equity shares by promoters and investors. The company will raise approximately Rs 567 crore from the higher price band.
The basis of allotment of IDEAFORGE IPO will be on July 4, reimbursements will be on July 5, and shares will be listed on exchanges on July 7. The company is valued at Rs 2,800 crore in the higher band.
Currently, promoters own 33.97 percent of the corporation, with public shareholders owning the remainder.
Florintree Enterprise LLP and Celesta Capital II Mauritius are the company’s largest shareholders, with 11.85 percent and 11.42 percent stakes, respectively.
Issue Price of IDEAFORGE IPO
The fresh issue size has been cut from Rs 300 crore to Rs 240 crore after IDEAFORGE IPO generated Rs 60 crore in a pre-IPO placement by issuing 8.92 lakh shares.
The net proceeds from the new issuance will be used to repay debts, fund working capital, and engage in product development, in addition to general corporate reasons.
JM Financial and IIFL Securities are the issue’s book-running lead managers, and Link Intime India is the registrar.
The Mumbai-based business has received backing from well-known financiers including Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.
Here are some information about IDEAFORGE Technology:
IDEAFORGE Technology Limited is an Indian company that designs, develops, and manufactures unmanned aerial vehicles (UAVs).
The company was founded in 2007 by five IIT Bombay graduates: Ankit Bhat, Vipul Joshi, Rahul Singh, Amardeep Singh, and Ashish Mehta.
IDEAFORGE IPO is the pioneer and market leader in the Indian UAV market, with a market share of approximately 50% in fiscal 2022.
The company’s UAVs are used by a variety of government and commercial customers, including the Indian Army, Navy, and Air Force, as well as the National Disaster Response Force (NDRF).
IDEAFORGE’s UAVs are used for a variety of applications, including mapping, surveillance, disaster management, and search and rescue.
The company has a vertically integrated operation, with in-house capabilities for design, development, manufacturing, and testing of its UAVs.
IDEAFORGE has raised over $20 million in funding from investors such as Infosys, Qualcomm, and Florintree Enterprise.
The company is planning to use the proceeds from its IPO to expand its product portfolio, increase its manufacturing capacity, and expand its global reach.
key features of IDEAFORGE’s UAVs:
They are designed to be rugged and reliable, and can withstand extreme weather conditions.
They are equipped with a variety of sensors, including cameras, radar, and LiDAR, which allow them to collect a wide range of data.
They are easy to operate, and can be controlled from a ground control station or a mobile device.
They are cost-effective, making them a viable option for a variety of government and commercial customers.
IDEAFORGE is a leading player in the Indian UAV market, and its products are used by a variety of customers. The company is well-positioned to grow in the coming years, as the demand for UAVs continues to increase.