Drone Maker ideaForge Raises ₹255 Cr From Anchor Investors Ahead Of IPO
ideaForge, a drone manufacturing startup, has raised ₹255 crore or $31 million from anchor investors. The development has come just four days after the company filed its Red Herring Prospectus (RHP) with market regulator SEBI to raise ₹570 crore from the public market.
Anchor investors that participated in the funding round include Nomura Funds Ireland Public Ltd, Goldman Sachs Funds, Pinebridge Global Funds, Tata AIG General Insurance Company, Tata AIA Life Insurance Company, and Max Life Insurance Co Ltd.
Domestic mutual funds, including ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, Quant MF, Axis MF, HDFC MF, Nippon India MF and Motilal Oswal MF, too participated in the anchor round.
The drone maker has allocated 37.93 lakh equity shares at Rs 672 apiece, thus taking the transaction size to ₹255 crores, as per documents uploaded on the BSE website.
ideaForge | Unmanned Aircraft System
Co-founded by Ankit Mehta, Ashish Bhat and Rahul Singh, ideaForge designs, manufactures, and supplies UAVs along with associated hardware components such as payloads, batteries, chargers, and communication systems.
It also offers software and embedded sub-systems that enable industry-specific applications. ideaForg’se customers include the armed forces, central armed police forces, state police departments, forest departments, disaster management forces, and civil customers.
ideaForge Technology is set to launch its initial public offering (IPO) from June 26th to June 29th. The offering price per share will be in the range of ₹638 to ₹672, with IPO size being ₹550.69 crore and ₹567.24 crore at the lower and upper end of the price band, respectively.
The issue comprises a fresh issuance of shares worth ₹240 crore and an offer for sale of 48.69 lakh shares by promoters and investors. Proceeds from the fresh issuance to the tune of ₹50 crore will be utilized for debt payment, ₹135 towards funding the working capital gap, ₹40 crores for investment in product development and the remaining amount for general corporate purposes.
Last week, the drone maker raised ₹60 crores in a pre-IPO placement round from institutional investors, including Tata AIG General Insurance, Motilal Oswal Midcap Fund, 360 ONE Special Opportunities Fund- Series 9 and 10, and Think Investments PCC.
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