IdeaForge, a Mumbai-based company that specializes in the design and manufacture of drones for various applications including mapping, security, and surveillance, has submitted a proposal to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The purpose of this move is to raise capital and unlock value for the company. This information has been shared with Moneycontrol by multiple sources in the industry who are aware of the situation.
If ideaForge’s plans are successful, it will be the first time a drone manufacturer has been listed on the main board of the domestic stock exchange. It’s worth noting that Droneacharya Aerial Innovations, backed by renowned investor Shankar Sharma, made a successful debut on the BSE SME platform in December 2022.
ideaForge is a well-supported company, with notable investors such as Qualcomm, Infosys, and Florintree Capital Partners. The company was co-founded by Mathew Cyriac, who previously worked as an executive at Blackstone.
According to a source close to the matter, the draft red herring prospectus (DRHP) has been successfully filed electronically. The initial public offering (IPO) will consist of both a new issuance of shares worth approximately 300 crore Rupees and an Offer for Sale (OFS) component. The selling shareholders who intend to take part in the IPO include entities from the promoter group, Qualcomm, venture capital firms, and other investors.
