Some of the leading domestic and foreign investors participated in the round, including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, Goldman Sachs.
IdeaForge has raised about Rs 60 crore in a pre-IPO round, which also saw participation of marquee investors like Tata AIG General Insurance, 360 One Asset Management.
The company is a pioneer in the Indian unmanned aircraft systems (UAS) market, with a share of approximately 50% as of FY22. The public offer will hit the markets on June 26 and close on June 29.
The price band for the issue is set at Rs 638-672 per share, and at the upper end, the company plans to raise about Rs 567 crore.
About 75% of the net offer is reserved for the QIB portion, 15% for non-institutional investors and 10% is set aside for retail investors.
The company had filed draft papers with markets regulator Sebi earlier in February and received approval for the same last month.The IPO comprises a fresh issue of equity shares of up to Rs 240 crore and an offer for sale (OFS) of up to 48.6 lakh shares by selling shareholders.
Under the OFS, Ashish Bhat will sell 1.58 lakh shares, Amarpreet Singh will offload 8,362 units and Nambirajan Seshadri will sell 22,600 shares. Other selling shareholders include A&E Investment LLC, Agarwal Trademart Pvt Ltd, and Celesta Capital II Mauritius among others.
The proceeds from its fresh issuance to the tune of Rs 50 crore will be utilised for repayment of certain indebtedness availed by the company; Rs 135 crore towards funding working capital requirements; Rs 40 crore for investment in product development and general corporate purposes.
IdeaForge primarily caters to customers with applications for surveillance, mapping, and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.
The Mumbai-based company is backed by Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.
JM Financial and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the issue.