IPO of drone company ideaForge will open next week, know all the details from the price band of the IPO

Drone maker ideaForge Technology said on Wednesday that the company has fixed the price band of its IPO in the range of Rs 638 to Rs 672 per share. The size of this public issue to be issued by the company will be Rs 567 crore.
ideaForge's IPO will be open to the general public from June 26 to June 29. The IPO will have a fresh issue of Rs 240 crore, while 48,69,712 equity shares will be issued under Offer for Sale. This also includes the share held in reserve by the employees. According to the lower band, the size of the IPO will be Rs 550.69 crore and according to the upper band, the size of the IPO will be Rs 567.24 crore. The lot size would be around 22 shares and an investor would have to apply for at least one lot.
The proceeds from the IPO will be used by the company to pay down debt of Rs 50 crore, Rs 135 crore will be used to bridge the working capital gap, Rs 40 crore will be used for product development and the remaining money will be used for corporate affairs. Will go
Last week, the company raised Rs 60 crore during the pre-IPO placement. Institutional investors including Tata AIG General Insurance, 360 One Special Opportunities Fund - Series 9 & 10, Motilal Oswal Midcap Fund, and Think Investments PCC have invested in the company.
ideaForge is a drone company. It was established in Mumbai. The company also has investments from several private equity firms. Qualcomm Asia, Infosys, and Celesta Capital have also invested in it. The order book of the company is around Rs 192.27 crore.