IdeaForge has raised funds from anchor traders. Amongst the quite a lot of taking piece traders were Nomura, Invesco, Goldman Sachs, and Tata AIG Unprecedented Insurance coverage. IdeaForge has a well-known piece within the Indian unmanned airplane methods market at roughly 50%.
India’s leading drone maker Ideaforge has raised about Rs 254 crore from anchor traders earlier than its IPO. The firm has disbursed 37.92 lakh equity shares within the anchor spherical at Rs 672 apiece.
Among the most vital leading home and a long way off places traders participated within the spherical, including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, Goldman Sachs.
IdeaForge has raised about Rs 60 crore in a pre-IPO spherical, which also noticed participation of marquee traders like Tata AIG Unprecedented Insurance coverage, 360 One Asset Management.
The firm is a pioneer within the Indian unmanned airplane methods (UAS) market, with a piece of roughly 50% as of FY22. The public provide will hit the markets on June 26 and shut on June 29.
The worth band for the problem is region at Rs 638-672 per piece, and at the upper waste, the firm plans to raise about Rs 567 crore.
About 75% of the secure provide is reserved for the QIB portion, 15% for non-institutional traders and 10% is region apart for retail traders.
The firm had filed draft papers with markets regulator Sebi earlier in February and bought recognition of the same final month.
The IPO comprises a new advise of equity shares of as much as Rs 240 crore and a proposal for sale (OFS) of as much as forty eight.6 lakh shares by promoting shareholders.
Underneath the OFS, Ashish Bhat will promote 1.58 lakh shares, Amarpreet Singh will offload 8,362 devices and Nambirajan Seshadri will promote 22,600 shares. Other promoting shareholders consist of A&E Funding LLC, Agarwal Trademart Pvt Ltd, and Celesta Capital II Mauritius among others.
The proceeds from its new issuance to the tune of Rs 50 crore shall be utilised for repayment of determined indebtedness availed by the firm; Rs 135 crore in the direction of funding working capital requirements; Rs 40 crore for investment in product vogue and general corporate purposes.
IdeaForge primarily caters to customers with applications for surveillance, mapping, and surveying. Its customers consist of the militia, central armed police forces, enlighten police departments, anguish management forces, forest departments besides other civil customers.
The Mumbai-primarily based fully firm is backed by Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Expertise Venture Fund, and Infina Finance.
JM Monetary and IIFL Securities are the e book-operating lead managers and Hyperlink Intime India is the registrar for the problem.