Homegrown drone maker Ideaforge Technology Limited has announced a price band of Rs 638-672 per share for its initial public offer.
The offer, which goes live on June 26, includes a fresh issue of shares worth Rs 240 crore and an offer for sale of 48.69 lakh equity shares by the promoters and investors. At the upper price band, the firm is expecting to raise around Rs 567 crore.
The company, which has raised funds from investors such as Qualcomm Asia Pacific, Celesta Capital and Infosys, is looking to utilise the proceeds from the offer to repay debt, fund working capital requirement and invest in product development.
“Today we are doing a lot of security and mapping use cases. We would like to enhance that to include inspection and delivery use cases. As we develop various software capabilities and solutions, we would look at ways to leverage the existing hardware,” said Ankit Mehta, chief executive officer, Ideaforge.
