Qualcomm-backed drone maker plans Rs750-cr IPO

IdeaForge Technology PvtThe Qualcomm VenturesA dronemaker that is backed by the state, is looking to raise approximately Rs750 crore through an initial public sale (IPO), according to multiple sources. About 25% stake Will Offers available in India’s largest drone maker through secondary and primary share sale. The IPO Company will be valued at Rs3000 crore

Investment Banks

The IPO’s lead managers are IIFL and DRHP. A DRHP was filed Friday The IPO will also be launched by May Sources say 2023

At Currently, approximately 70% of IdeaForge’s investors are shareholders Technology The rest is owned by promoters. Mail The company spokesperson did not respond to my email.

Founded IIT 2007 Bombay Alumni Ankit Mehta, Rahul Singh, Ashish BhatAnd Vipul JoshiideaForge is currently involved in the Security Operations segment is the first IndiaDevelopment and manufacturing by a -based company Vertical TakeGet a discount and Landing (VTOL) UAVs. In ideaForge has expanded beyond the US in addition to its US headquarters. India To Oman, NigeriaAnd Bhutan.

The Mumbai based IdeaForge makes drones for India’s armed forces, police and homeland security as well as industrial applications. IdeaForge holds the license from Ministry Of Defence Unmanned aerial vehicles can be manufactured.

In April 2022: IdeaForge raised $20 million in funding from a round led by FlorintreeIt is headed by Mathew CyriacFormer MD of Blackstone India. The Round also saw participation by existing investors, including Celesta,

, Qualcomm And Infina.

Companies Many people who are trying to raise money via initial public offerings (IPOs), are having difficulty hitting the market. Investor appetite is declining and there is uncertainty about the market. This has caused many to postpone their fundraising plans.In the past six months, 27 companies with IPO plans worth ₹38,000 crore have allowed their regulatory approvals to lapse, according to Prime Database numbers. Similarly, the permissions to another nine firms planning to raise a total of ₹15,000 crore are set to expire over the next two months, ET reported last month.

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