 "Drone")
IdeaForge Technology, a drone manufacturer, allotted shares worth Rs 255 crore to anchor investors on Friday. The allotment was done at Rs 672 per share—the top-end of the price band. Pinebridge, Nomura, Tata AIG, Invesco, Axis MF were among the anchor investors.
The company’s IPO opens for subscription on Monday. ideaForge is looking to issue new shares worth Rs 240 crore in the IPO, which will also see Rs 327 crore worth of secondary sale.
“Considering the FY23 Annualized EPS of Rs 7.68 on a post issue basis, the company is going to list at a P/E of 87.5x with a market cap of Rs 2,800 crore, whereas its peers namely Mtar Technology, Data Patterns and Astra Microwave products are trading at a P/E of 58.52x, 84.95x, 52.27x, respectively,” said a note by Marwardi Financial Services.
