Drone manufacturing company ideaForge Technology has decided to open its public issue for subscription on June 26. The price band will be announced by the company on June 21.
The closing date for the offer would be June 29, while the anchor book will be launched for a day on June 23, 2023.
The initial public offering by the unmanned aircraft systems manufacturer comprises a fresh issuance of shares worth Rs 240 crore and an offer for sale of 48.69 lakh equity shares by promoters and investors.
Currently, promoters hold a 33.97 percent stake in the company and the rest of the shareholding is held by public shareholders.
Florintree Enterprise LLP and Celesta Capital II Mauritius are the biggest shareholders in the company, holding 11.85 percent and 11.42 percent stake, respectively.
The fresh issue size has been reduced to Rs 240 crore from Rs 300 crore earlier, after ideaForge raised Rs 60 crore by issuing 8.92 lakh shares in a pre-IPO placement.
Click Here To Read All IPO Related News
ideaForge has reserved 13,112 equity shares in the public issue for its employees.
The company will utilise net proceeds from the fresh issue for repaying debts, working capital, and investment in product development, besides general corporate purposes.
ideaForge has claimed to be the market leader in the Indian unmanned aircraft systems (UAS) market, with a market share of approximately 50 percent in FY22. Its revenue from operations grew at a CAGR of 131.47 percent during FY20-FY22.
The company has no comparable peers among listed entities, which exclusively undertakes the manufacturing of drones.
JM Financial and IIFL Securities are the book-running lead managers to the issue, while Link Intime India is the registrar of the offer.