ideaForge Technology mobilize Rs 254.88 crore from anchor book ahead IPO

24 Jun 2023 , 11:27 AM

On June 23, ahead of its upcoming initial public offering (IPO) launch next week, ideaForge Technology successfully raised Rs 254.88 crore from 31 anchor investors.

The drone maker has informed the exchanges that the company has finalised the allocation of 37.92 lakh equity shares to anchor investors at Rs 672 per share, the higher end of the price band.

The anchor investors who participated in ideaForge Technology’s fundraising round include 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. 

In addition to these, several domestic mutual funds such as ICICI Prudential Mutual Fund (MF), Axis MF, HDFC MF, Aditya Birla Sun Life MF, Quant MF, Nippon India MF, and Motilal Oswal MF also took part in the anchor round.

According to the Red Herring Prospectus (RHP), ideaForge Technology intends to raise Rs 567 crore through its public issue at the upper price band. This includes a fresh issuance of shares valued at Rs 240 crore and an offer for sale of 48.69 lakh shares by promoters and investors.

The issue will be opening on June 26 and will conclude on June 29. Investor can apply for 22 shares on a lot at a price band of Rs 638-672 per share.

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