The company is offering its shares in the range of Rs 638-672 apiece, and at the upper end of the price band, it is planning to raise Rs 567 crore.
Ideaforge, which has a share of about 50% in the UAS (unmanned aircraft systems) market, raised Rs 254 crore in the anchor round, which saw participation from marquee investors including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, Goldman Sachs among others.
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 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 shares, 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, and forest departments, among 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.