ideaForge Technology mopped up Rs 254.88 crore from 31 anchor investors on June 23, ahead of the initial public offering (IPO) launch next week. The drone manufacturing company informed exchanges that it has finalised the allocation of 37.92 lakh equity shares to anchor investors at Rs 672 per share, the higher end of the price band. Marquee investors who participated in the anchor book of the unmanned aircraft system manufacturer include Pinebridge Global Funds, Nomura Funds, Ashoka India Equity Investment Trust Plc, HSBC Mutual Fund, Goldman Sachs Funds and Carmignac Portfolio. Among others, Tata AIA General Insurance Company, ICICI Prudential Mutual Fund, Invesco India, Axis Mutual Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, Quant Mutual Fund and Max Life Insurance also invested in the company via anchor book. ideaForge will open its maiden public issue on June 26, with a price band of Rs 638-672 per share. The closing date will be June 29. The company is planning to raise Rs 567 crore via public issue at the upper price band, which comprises a fresh issuance of shares worth Rs 240 crore and an offer for sale of 48.69 lakh shares by promoters and investors. Also read: PKH Ventures IPO to open on June 30, close on July 4 The repayment of debts, working capital requirements and investment in product development are the main objectives of the fresh issue, besides general corporate purposes. The company has reserved 75 percent of the offer size for qualified institutional buyers, 15 percent for high networth individuals and the balance 10 percent for retail investors. Also read: Cyient DLM sets price band at Rs 250-265 for IPO lined up for June 27
ideaForge Technology raises Rs 254.88 crore via anchor book ahead of IPO - Moneycontrol
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