Drone manufacturing company ideaForge Technology has set its price band of Rs 638-672 a share for its IPO. Earlier the firm said its IPO will open for subscription on June 26.
The closing date for the offer would be June 29, while the anchor book will be launched for a day on June 23, 2023.
The initial public offering by the unmanned aircraft systems manufacturer comprises a fresh issuance of shares worth Rs 240 crore, and an offer for sale of 48.69 lakh equity shares by promoters and investors. From the upper price band, the firm will raise around Rs 567 crore.
Basis of allotment will be on 4 July, refunds will be on 5 July and listing of shares on exchanges will be on 7 July. On the upper band, the firm is valued at Rs 2,800 crore.
Currently, promoters hold 33.97 percent stake in the company 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 percent and 11.42 percent stake, respectively.
The fresh issue size has been reduced to Rs 240 crore from Rs 300 crore earlier, after ideaForge raised Rs 60 crore by issuing 8.92 lakh shares in a pre-IPO placement.
The company 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, while Link Intime India is the registrar of the offer.
The Mumbai-based company has garnered support from renowned investors such as Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.
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