Pune-based drone manufacturer ideaForge has received approval from the Securities and Exchange Board of India (SEBI) to go public through an initial public offering (IPO). The company plans to raise INR 750 Cr (approximately $100 million) through the IPO, which will consist of a fresh issue of INR 200 Cr ($26.7 million) and an offer for sale (OFS) of up to 16,77,744 equity shares by existing shareholders. The OFS will include up to 5,18,366 shares from individual shareholders and up to 11,59,378 shares from promoter group and other shareholders.
ideaForge plans to utilize the funds raised through the IPO for scaling up the business, research and development activities, acquisitions, and other general corporate purposes. The company is known for manufacturing drones for defence, homeland security, and industrial applications. It has served clients such as the Indian Army, Border Security Force, National Security Guard, and more. With the IPO, ideaForge will become the first Indian drone manufacturer to go public. The company has not yet announced the IPO dates.
ideaForge, a Mumbai-based deeptech company that specializes in unmanned aerial vehicles (UAVs), has received approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company plans to raise INR 1,000 Cr ($134 million) through the IPO.
ideaForge is known for developing high-end UAVs, which are used in a range of applications including surveillance, mapping, inspection, and emergency response. The company has partnerships with several government agencies and private companies for drone-based solutions. It was founded in 2007 by IIT Bombay alumni Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi.
According to reports, the funds raised from the IPO will be used to fund the company’s expansion plans, strengthen its research and development capabilities, and repay certain outstanding loans. ideaForge is expected to be the first drone company in India to go public.