Page 14 - Forge Technology News Today

Jun. 24—IPO WATCH — Two main board initial public offerings (IPOs) — ideaForge Technology IPO and Cyient DLM IPO — are going to hit primary market next week. The upcoming

The fact that these companies hail from a varied spectrum of industries indicate the upbeat mood in the market for investment and growth.

Infosys had in December 2016 announced an investment from its Innovation Fund in ideaForge, the Indian start-up focused on Unmanned Aerial Vehicle (UAV) solutions.

Drone maker ideaForge Technology on Friday said it has mobilised Rs 255 crore from anchor investors ahead of its initial share sale that opens for public subscription on Monday.

The IPO of ideaForge Technology will open for subscription between June 26-29 as the company will sell its shares in the range of Rs 638-672 apiece to raise Rs 567 crore.

Marquee investors who participated in the anchor book of the unmanned aircraft system manufacturer include Pinebridge Global Funds, Nomura Funds, Ashoka India Equity Investment Trust Plc, HSBC Mutual Fund, Goldman Sachs Funds and Carmignac Portfolio.

The closing date for the offer would be June 29, while the anchor book will be launched for a day on June 23, 2023.

Union AMC expects companies in the manufacturing sector to play a vital role in creating wealth for investors.

Indias largest drone manufacturing company, IdeaForge Technologies, will open subscriptions for its Rs 567 crore ($76m) initial public offering on 26 June. The IPO will be available for public bidding until 29 June, with the allocation to anchor investors occurring on 23 June. The IPO consists of a fresh issue of equity shares of up to Rs 240 crore and selling shareholders offering 48.6 lakh shares. The funds raised will be used for product development, repayment of indebtedness, and other gener...

IdeaForge has been ranked seventh globally in the dual-use category drone manufacturers as per the report published by Drone Industry Insights in December 2022.