Drone manufacturing firm ideaForge raises Rs 255 cr from anchor investors

IdeaForge Technology, the drone manufacturer, has allotted shares worth Rs 255 crore to anchor investors on Friday. The allotment was made at Rs 672 per share – the upper end of the price range. Bainbridge, Nomura, Tata AIG, Invesco and Access MF were among the main investors. The company’s IPO opens on Monday. ideaForge is looking to issue new shares worth Rs 240 crore in the IPO, which will also see a secondary sale of Rs 327 crore. “Looking at EPS for FY 23 annualized at Rs 7.68 on a post issue basis, the company will list at P/E of 87.5 times with a market cap of Rs 2,800 crore, while its peers are Mtar Technology, Data Patterns and Astra Microwave products. At the P/E multiple of 58.52x, 84.95x, and 52.27x, respectively.”