About ideaForge Technology IPO:
Price Band: Mumbai-based Drone maker ideaForge Technology has set a price band of ₹638 to ₹672 a share for its ₹567 crore initial public offering (IPO).
IPO Composition: The IPO will be a mix of a fresh issue of equity shares aggregating to ₹240 crore and an offer for sale (OFS) worth 48,69,712 equity shares.
Bidding Window: The three-day bidding window will open for public subscription on June 26 and end on June 29.
Minimum Bid: An investor has to bid for a minimum of 22 equity shares for the issue and in multiples of 22 equity shares thereafter.
IPO Size: The IPO size will amount to ₹550.69 crore, calculated at the upper end, and ₹567.24 crore at the lower end of the price band.
Use of Proceeds: Proceeds received from the fresh issue will be used as:
- ₹50 crore will go for debt payment
- ₹135 will bridge the working capital gap
- ₹40 crore will be utilized in product development
- The remaining amount will serve general corporate purposes
Bookrunner: JM Financial and IIFL Securities are the book-running lead managers to the issue.
Pre-IPO Placement Round: The drone manufacturing company pulled in ₹60 crore in a pre-IPO placement round from institutional investors, namely Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC.
Order book: ideaForge’s order book was at ₹192.27 crore as on March 2023.
About ideaForge Technology:
IdeaForge Technology, incorporated in 2007, has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India, with its drones taking off every five minutes on average for surveillance and mapping.
The company provides services to the armed forces, central armed police forces, state police departments, disaster management forces, forest departments, and civil customers.
It was amongst the first few players to foray into the UAV market. In India, ideaForge pioneered the development and manufacturing of vertical take-off and landing (“VTOL”) UAVs in 2009.
Investors: Marquee ventures and private equity investors bankrolling ideaForge Technology include Qualcomm Asia, Infosys, and Celesta Capital.
The largest shareholder in ideaForge Technology: Mathew Cyriac-backed Florintree Enterprises holds an 11.85 percent stake, which makes it the largest shareholder in the Mumbai-based firm.