Page 29 - Forge Technology News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Drone maker ideaForge Technology on Wednesday said it has fixed a price band of Rs 638 to 672 per share for its Rs 567-crore initial public offering. The initial share sale will open for public subscription on June 26 and conclude on June 29, according to the company. The IPO comprises a fresh issue of equity shares worth Rs 240 crore and an offer for sale of 48,69,712 equity shares. The offer also includes a reservation for a subscription by eligible employees.

Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.

Drone maker ideaForge's public issue comprises a fresh issue of Rs 240 crore and an offer for sale (OFS) of 4,869,712 shares.

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.

The company has raised about Rs 60 crore in a pre-IPO round from institutional investors that included Tata AIG General Insurance, Motilal Oswal Mutual Fund, and Think Investments PCC. The IPO comprises a fresh issue of up to Rs 240 crore in equity shares plus an offer for sale of up to 4.86 million units