IdeaForge Technology IPO Price Band Set at Rs 638-672/share

Is IdeaForge a Startup? The simple answer is Yes. It falls on the list of some of the oldest Indian startups supported by various high-profile investors. Being a leading drone manufacturing company, it has now announced the price band for its initial public offering (IPO) at Rs 638-672 per share. The firm is gearing up to open the IPO for subscription on June 26. Many have this question in mind what is the revenue of Ideaforge Technologies? However, before getting an answer to this question through your research, here are some important highlights you need to know about the company’s IPO.

Some key highlights of the latest IdeaForge Technology IPO

  • Drone manufacturing company IdeaForge Technology IPO price band is set at Rs 638-672 per share.
  • The IPO will open for subscription on June 26, with a closing date of June 29.
  • Fresh issuance of shares worth Rs 240 crore and an offer for sale of 48.69 lakh equity shares by promoters and investors.
  • The company aims to raise around Rs 567 crore from the IPO.
  • Valuation at the upper price band is estimated to be Rs 2,800 crore.
  • Major shareholders include Florintree Enterprise LLP and Celesta Capital II Mauritius.
  • Net proceeds from the IPO will be used for debt repayment, working capital, and product development.
  • Renowned investors such as Infosys, Qualcomm, and Celesta have supported IdeaForge Technology.
  • The basis of allotment will be announced on July 4, with refunds on July 5 and listing on exchanges on July 7.

Upcoming IPO – Closing Date and Anchor Book Details

The Ideaforge Technology IPO offer will close on June 29, allowing investors to participate in this promising opportunity. Additionally, the anchor book will be launched for a day on June 23, 2023.

  • The closing date for IdeaForge Technology’s IPO is June 29.
  • The anchor book will be launched on June 23, 2023.

IPO News – Details of the IdeaForge Technology IPO Offering

IdeaForge Technology’s IPO comprises a fresh issuance of shares worth Rs 240 crore, along with an offer to sell 48.69 lakh equity shares by promoters and investors. The company aims to raise around Rs 567 crore with the upper price band.

  • The IPO offering includes fresh issuance of shares worth Rs 240 crore.
  • The company plans to raise approximately Rs 567 crore.

Upcoming IPO – Key Dates and Valuation

The basis of allotment will be announced on July 4, with refunds scheduled for July 5. The listing of shares on exchanges is expected to take place on July 7. At the upper band, IdeaForge Technology is valued at Rs 2,800 crore.

  • Basis of allotment: July 4
  • Refunds: July 5
  • Listing of shares: July 7
  • Valuation at the upper band: Rs 2,800 crore

Promoters and Shareholders

Currently, the promoters hold a 33.97 percent stake in IdeaForge Technology, while public shareholders hold the remaining shareholding. Florintree Enterprise LLP and Celesta Capital II Mauritius are the biggest shareholders, with stakes of 11.85 percent and 11.42 percent, respectively.

  • Promoters hold 33.97 percent stake.
  • Florintree Enterprise LLP and Celesta Capital II Mauritius are major shareholders.

Use of Proceeds and Key Supporters

The net proceeds from the IPO’s fresh issue will be utilised for repaying debts, working capital, investment in product development, and general corporate purposes. IdeaForge Technology has garnered support from renowned investors, including Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.

  • Net proceeds will be used for debt repayment, working capital, and product development.
  • IdeaForge Technology has received support from prominent investors.

In Conclusion

How Can You Invest?

If you’re interested in investing in IdeaForge Technology’s IPO, you can easily do so by signing up for a free demat account with Shoonya, an online trading platform that charges zero commission fees. After opening and funding your account, you can participate in the IPO by subscribing to the shares within the price range of Rs 638-672 per share. Once the IPO period ends on June 29, the allotment of shares will be announced.

Sources: livemint.com

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Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.