ideaForge Technology IPO issue to open on June 26

Drone manufacturing company ideaForge Technology to open its public issue for subscription on June 26 till June 29. The allocation to anchor investors will be done on June 23.

The price band has been fixed for the issue at Rs 638 to 672 per share, as per reports.

The initial public offering by the unmanned aircraft systems manufacturer comprises a fresh issuance of shares worth Rs 240 crore and an offer for the sale of 48.69 lakh equity shares by promoters and investors. 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.

Currently, promoters hold a 33.97% stake in the company and the rest of the shareholding is held by public shareholders.

Florintree Enterprise LLP and Celesta Capital II Mauritius are the biggest shareholders in the company, holding 11.85% and 11.42% stakes, respectively.

The company will fix the basis of allotment on July 4 and the refunds will be initiated on July 5. Shares are likely to be listed on July 7 at BSE and NSE.

ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market. It had the largest operational deployment of indigenous UAVs across India, with its own manufactured drone taking off every five minutes for surveillance and mapping on average. It is one of the first few companies in India to enter the UAV market.

Source: Media reports