Drone company Ideaforge IPO on June 26, price range Rs 638 to Rs 672 per share
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The company said in the statement that new shares worth Rs 240 crore will be issued under the IPO and the company will also bring an offer for sale (OFS) of 48,69,712 equity shares. A portion of the shares under the IPO will be reserved for eligible employees.
New Delhi. Drone company IdeaForge Technology has fixed a price band of Rs 638 to Rs 672 per share for its Rs 567 crore initial public offering (IPO). The company’s IPO will open on June 26 and close on June 29. The company said in the statement that new shares worth Rs 240 crore will be issued under the IPO and the company will also bring an offer for sale (OFS) of 48,69,712 equity shares. A portion of the shares under the IPO will be reserved for eligible employees.
The company said that out of the amount received from the sale of new shares, Rs 50 crore will be used to repay the debt. An amount of Rs 135 crore will be used to meet the working capital requirements. While Rs 40 crore will be spent on product development and the rest in general company functioning. The IPO size will be Rs 550.69 crore at the lower end of the price band and Rs 567.24 crore at the upper end.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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