Drone maker ideaForge raises ₹255 cr from anchor investors ahead of its IPO
Drone maker ideaForge Technology on Friday said it has raised ₹255 crore from anchor investors ahead of its initial share sale that opens for public subscription on Monday.
The company has allocated 37.93 lakh equity shares at ₹672 apiece, thus taking the transaction size to ₹255 crore, according to documents uploaded on the BSE website.
Nomura Funds Ireland Public Ltd, Pinebridge Global Funds, Goldman Sachs Funds, Tata AIG General Insurance Company, Tata AIA Life Insurance Company, and Max Life Insurance Co Ltd are among the anchor investors.
Meanwhile, domestic mutual funds including ICICI Prudential Mutual Fund (MF), Axis MF, HDFC MF, Aditya Birla Sun Life MF, Quant MF, Nippon India MF and Motilal Oswal MF too participated in the anchor round.
ideaForge Technology issue:
ideaForge will open its maiden public issue on 26 June and close on 29 June. The price band of the issue is ₹638-672 per share.
The IPO size would be ₹550.69 crore and ₹567.24 crore at the lower and upper end of the price band, respectively.
The issue comprises a fresh issuance of shares worth ₹240 crore and an offer for sale of 48.69 lakh shares by promoters and investors.
Proceeds from the fresh issuance to the tune of ₹50 crore will be utilised for debt payment, ₹135 towards funding the working capital gap, ₹40 crore for investment in product development and the remaining amount for general corporate purposes.
Last week, the company raised ₹60 crore in a pre-IPO placement round from institutional investors, including Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund and Think Investments PCC.
As per the company, investors can bid for a minimum of 22 equity shares in the public issue and multiples of 22 equity shares thereafter.
ideaForge had an order book of ₹192.27 crore as on March 2023.
Founded in 2007, the Mumbai-based company 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.
ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.
Mathew Cyriac backed Florintree Enterprises is the single largest shareholder in the company with an 11.85 per cent stake.
The drone maker’s customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.
JM Financial and IIFL Securities are the book-running lead managers to the issue.
Last year, Droneacharya Aerial Innovations got listed on the BSE SME platform
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Updated: 23 Jun 2023, 10:07 PM IST
