ideaForge’s initial public offer will open for subscription on Monday, June 26 and close on Thursday June 29. The stock is expected to list on NSE and BSE on Friday July 7.
Drone manufacturer ideaForge has set a price band of Rs 638-672 for its upcoming IPO next week. The ideaForge IPO will open for subscription on Monday, 26 June and close on Thursday 29 June. The shares will list on NSE and BSE on Friday, 7July, according to reports. The company aims to raise Rs 567 crore from the initial public offer that consists of a fresh issue of shares worth Rs 240 crore and an offer for sale (OFS) of 48.69 lakh equity shares worth Rs 327 crore by promoters and investors.
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Basis of allotment will be on 4 July and refunds will be processed on 5 July. The firm is valued at Rs 2,800 crore, on the upper band. At present, promoters hold 33.97% stake in ideaForge and the rest of the shareholding is by public shareholders. Florintree Enterprise LLP and Celesta Capital II Mauritius are the biggest shareholders in the company, holding 11.85% and 11.42% stake, respectively.
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The new issue size has been reduced to Rs 240 crore from Rs 300 crore earlier, after the company raised Rs 60 crore by issuing 8.92 lakh shares in a pre-IPO placement. The ideaForge will utilise net proceeds from the fresh issue for repaying debts, working capital, and investment in product development, besides general corporate purposes. JM Financial and IIFL Securities are the book-running lead managers to the issue and Link Intime India is the registrar of the offer.
