Page 27 - Ideaforge Technology News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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

India's 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 general corporate purposes.

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.

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

IdeaForge Technology filed its draft red herring prospectus with Sebi in February this year.