Jun 26, 2023
By: Katya NaiduThe IPO of Idea Forge opens on June 26 and will close on June 29.
Credit: BCCL
The price band of the IPO has been fixed at ₹638-672 per equity share.
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The company is planning to raise ₹567 crore at the upper end of the price band.
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The company is a drone manufacturer and has a robust 50 percent market share in India in unmanned aircraft systems.
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Before the IPO hit the market, the company raised ₹254 crore from anchor investors that included Nomura, HSBC, ICICI Pru MF, HDFC MF, Goldman Sachs and others.
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The company’s total revenue grew 16 percent to ₹196 crore in FY23. Its net profit, however, reduced by 27 percent to ₹31.9 crore in FY23 from ₹44 crore in FY22.
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The public issue comprises a fresh issue of shares and an offer-for-sale (OFS) by promoters and investors. The net proceeds will be used to repay debt.
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As much as 75 percent of the offer is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent is set aside for retail investors.
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The company’s issue is commanding a premium of over ₹450 in the grey market. Grey market premium (GMP) is the premium at which an unlisted stock is traded in an unofficial market.
Credit: BCCL