ideaForge Secures ₹255 Crore Funding from Anchor Investors Ahead of IPO
Mumbai-based drone manufacturer ideaForge Technology announced that it has successfully raised ₹255 crore from anchor investors prior to its upcoming initial public offering (IPO). The IPO, scheduled to open for public subscription on Monday, has garnered significant interest from both institutional and domestic investors.
According to documents uploaded on the BSE website, ideaForge allocated 37.93 lakh equity shares at ₹672 per share, resulting in a transaction size of ₹255 crore. Notable anchor investors who participated in the funding round include Nomura Funds Ireland Public Ltd, Pinebridge Global Funds, Goldman Sachs Funds, Tata AIG General Insurance Company, Tata AIA Life Insurance Company, and Max Life Insurance Co Ltd. Additionally, prominent domestic mutual funds such as ICICI Prudential Mutual Fund (MF), Axis MF, HDFC MF, Aditya Birla Sun Life MF, Quant MF, Nippon India MF, and Motilal Oswal MF also joined the anchor round.
The IPO, set to commence on June 26 and conclude on June 29, will have a price band of ₹638-672 per share. With the lower and upper end of the price band, the IPO size is expected to be ₹550.69 crore and ₹567.24 crore, respectively. The offering comprises a fresh issuance of shares valued at ₹240 crore and an offer for sale of 48.69 lakh shares by promoters and investors.
The proceeds from the fresh issuance are allocated as follows: ₹50 crore for debt payment, ₹135 crore to bridge the working capital gap, ₹40 crore for product development, and the remaining amount for general corporate purposes. Earlier, ideaForge raised ₹60 crore in a pre-IPO placement round from institutional investors, including Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC.
ideaForge, founded in 2007, boasts the largest operational deployment of indigenous unmanned aerial vehicles (UAVs) across India. Its drones are utilized for surveillance and mapping purposes, with a drone taking off every five minutes on average. The company has garnered support from notable ventures and private equity investors such as Qualcomm Asia, Infosys, and Celesta Capital. Florintree Enterprises, backed by Mathew Cyriac, holds the largest stake in the company at 11.85 percent.
Also Read: ideaForge Technology IPO: Issue opens June 26, price range at ₹638-672
The clientele of ideaForge includes the armed forces, central armed police forces, state police departments, disaster management forces, forest departments, and civil customers. JM Financial and IIFL Securities have been appointed as the book-running lead managers for the IPO.
In related news, last year, Droneacharya Aerial Innovations became listed on the BSE SME platform.
About ideaForge:
IdeaForge Technology, a prominent player in the drone manufacturing industry, specializes in developing and supplying drones for various purposes, including surveillance, mapping, and surveying. The company’s client base consists of esteemed organizations such as the armed forces and central armed police forces, among others.
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