Drone Startup ideaForge, Backed by Qualcomm, Files for IPO in India
Mumbai-based drone startup ideaForge, supported by Qualcomm, has reportedly submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
According to sources, the public issue will include a new issuance of shares worth INR 300 Cr and an offer for sale (OFS) of nearly 48.7 Lakh shares. Promoter group entities, Qualcomm, and venture capital firms are among the investors expected to participate in the OFS.
The company intends to use the funds raised from the IPO to pay down debt, meet working capital requirements, and fund product development. Lead managers for the IPO are JM Financial and IIFL Securities.
In recent news, ideaForge has taken steps to become a public company, changing its name from “ideaForge Technology Private Limited” to “ideaForge Technology Limited.” The startup was founded in 2007 by graduates of IIT Bombay and boasts 15 years of R&D experience and over 20 patents.
IdeaForge is the pioneer and the pre-eminent market leader in the Indian Unmanned Aircraft Systems (“UAS”) market with a market share of approximately 50% in fiscal 2022. Our UAVs are equipped with industry leading specifications and capabilities, comparable to those of other established global players in the UAV industry.
For More Latest News Click Here