Drone Maker IdeaForge Technology has Filed Preliminary Papers with SEBI

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Mumbai-grounded ideaForge, a vertically integrated establishment which designs and manufactures drones for mapping, security and surveillance operations has filed papers with request controller SEBI to unlock value and raise capital via an original public offer, multiple assiduity sources with knowledge of the matter told Moneycontrol. Still, it would be the first ever listing by a drone maker on the main board of the domestic bourses, If the establishment’s plans fructify. To be sure, ace investor Shankar Sharma-backed Dronacharya Aerial inventions made a astral debut on the BSE SME platform in December 2022. Thee-filing of the DRHP(Draft Red Herring Prospectus) has been done. The IPO will be a combination of a fresh issue of shares of around Rs 300 crore and an OFS element.

The dealing shareholders who plan to share include protagonist group realities, Qualcomm, adventure capital enterprises and other investors one of the persons cited over. IdeaForge’s guests include the fortified forces, central fortified police forces, state police departments, disaster operation forces, timber departments and civil guests.   During the 2015 earthquake, ideaForge UAVs were used for point monitoring in Kathmandu, Nepal, and other locales to prop with the hunt and deliverance conditioning.   During a terrorist incident in Pampore in 2016, ideaForge UAVs were suitable to deliver pivotal intelligence by revealing the precise locales of the terrorists, as per the draft papers. Farther, ideaForge’s Ninja UAV was utilised to check theft and pilferage cases with its cooperation with railroads to boost their surveillance operations. The company was incubated by the Society for Innovation and Entrepreneurship (SINE), IIT Bombay and latterly by CIIE enterprise, IIM Ahmedabad.

The company has turned around from being loss making in FY21 to clocking a profit of Rs 44.01 crore in FY22. Its profit from operations increased from Rs 34.72 crore in financial 2021 to Rs 159.44 crore in FY2022. For the six months ended September 30, 2022, profit from operations stood at Rs 139.55 crore and profit after duty at Rs 45.21 crore.