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Drone-maker ideaForge raises Rs.255-Cr from anchor investors

INC42  

IPO-bound drone startup ideaForge has raised INR 255 crore from anchor investors. The drone major's IPO committee has allocated 37.93 lakh equity shares at an issue price of INR 672 per share, taking the transaction size to INR 255 crore. The funding saw participation from both domestic and foreign investors including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, and Goldman Sachs. Earlier this month, ideaForge raised INR 60 crore in a pre-IPO funding round, which saw participation from Tata AIG General Insurance, Motilal Oswal Mutual Fund, Think Investments PCC, and 360 One Asset Management. ideaForge has set a price band of INR 638-672 per share for its IPO which comprises a fresh issue of shares worth INR 240 crore, and an offer for sale of 48.69 lakh equity shares by promoters and investors. The startup aims to raise around INR 567 crore at the upper price band.