- Date : 26/06/2023
- Read: 3 mins
Ideaforge Technology is a manufacturer of Unmanned Aircraft Systems. The company is going public with its ₹567-crore IPO which opens on 26th June 2023. Here are the complete details of the IPO for interested investors.
- Ideaforge Technology is launching its IPO on 26th June eyeing to raise ₹567 crores
- The issue involves both a fresh issue of shares and an Offer For Sale
- The price band of each share is ₹638 to ₹672
- The company intends the use the IPO proceeds for repaying debt, meeting the working capital needs, product development, and other general uses
Text:
One of the leading manufacturers of the Unmanned Aircraft Systems (UAS), Ideaforge Technology Limited is going public. The company is launching its IPO on 26th June 2023 intending to raise ₹567 crores for its financial needs.
Before you subscribe to the IPO here’s a complete look at the company, its past financial performance, and the IPO.
About Ideaforge Technology Limited
Ideaforge was established in 2007 and is engaged in manufacturing drones intended for surveillance, mapping, and security. The drones find application in the real estate and construction sectors. Moreover, Indian defense forces also use the UAS for intelligence gathering and reconnaissance operations along the border areas.
Ideaforge’s products command a market share of around 50% as of 2022. The company has also been ranked 7th globally for manufacturing dual-use drones.
Ideaforge Technology Financials
Here’s a look at the past financial performance of the company –
(Source: chittorgarh.com)
Ideaforge Technology IPO
Here are the IPO details –
Also Read – Find out how the IPO price is determined
The proceeds from the IPO would be allocated to the following expenses –
- Debt repayment - ₹50 crores
- Working capital requirements - ₹135 crores
- Product development - ₹40 crores
- General corporate uses - ₹342 crores
The promoters selling their stake in the OFS are as follows –
- Amarpreet Singh
- Ashish Bhat
- Nambiranjan Seshadri
- Celesta Capital
- Sujata Vemuri
- Naresh Malhotra
- Sundararajan K Pandalgudi
- Agarwal Trademart
- EXIM (Export-Import Bank of India)
- A&E Investment LLC
- Qualcomm Asia Pacific
- Indusage Technology Venture Fund
- Society for Innovation and Entrepreneurship
Click here for the latest articles on Stocks
The bottom line
The IPO has a good grey market premium and can be a prudent investment choice. Know the company and IPO details and assess your investment needs before investing. Remember, investing in equity has its risks so awareness is important.
Also Read – Know what is confidential IPO filing and how it differs from a traditional one
