ideaForge Tech IPO sets to open on June 26; fixed price band at Rs 638-672 a share

21 Jun 2023 , 09:44 AM

Drone manufacturing company, ideaForge is all set to come up with its initial public offer (IPO), which is opening from June 26 and will be closing on June 29. The company has fixed the price band of the IPO at Rs 638-672 per share. The anchor book will open on June 23.

The company has also raised around Rs 60 crore in pre-IPO round from institutional investors, including Tata AIG General Insurance, 360 One Asset Management, Motilal Oswal Mutual Fund, and Think Investments PCC, a foreign institutional investor.

As per DRHP, the issue comprises fresh issue of equity shares up to Rs 240 crore and an offer for sale of up to 48.6 lakh by selling shareholders.

The net proceeds from the fresh issue will be utilized by the company for various purposes, including the repayment of debts, funding working capital requirements, investment in product development, and fulfilling general corporate objectives.

JM Financial and IIFL Capital Services are the book-running lead managers and Link Intime India is the registrar for the issue.

ideaForge IPO important details:

Open date	26 June, 2023
Close date	29 June, 2023
Lot size	22 shares
IPO size (Rs crore)	Rs 567 crore
IPO price range (Rs)	Rs 638-672
Minimum investment	Rs 14,784
Basis of allotment date	4 July, 2023
Refunds date	5 July, 2023
Credit to demat account date	6 July, 2023
Listing date	7 July, 2023