Ideaforge, India s leading drone maker, has opened its initial public offering (IPO) for subscription with a premium of Rs 460 in the unlisted market. The company is offering shares at Rs 638 to Rs 672 apiece and is looking to raise up to Rs 567 crore. Ideaforge got Rs 254 crore during the IPO s anchor round with participation from marquee investors like Nomura, HSBC, and Goldman Sachs. The company s net offer reserves about 75% for the QIB portion, 15% for non-institutional investors, and 10% for retail investors.
Mumbai-based drone maker, Ideaforge, is set to go public on June 26 with a price band of INR638-672 ($8.50-$8.95) per share, raising INR567 crore ($75.8m) at the upper end. Of the net offer amount, 75% is reserved for qualified institutional buyers, 15% for non-institutional buyers, and 10% for retail investors. The company s revenue increased 16% YoY for the fiscal year 2023 to INR186 crore ($24.9m), and net profit stood at INR31.99 crore ($4.28m) for the same period. Ideaforge plans to use proceeds from the IPO for product development and general corporate purposes, and to fund its working capital gap and debt.
IdeaForge has raised funds from anchor investors. Among the numerous participating investors were Nomura, Invesco, Goldman Sachs, and Tata AIG General Insurance. IdeaForge has a significant share in the Indian unmanned aircraft systems market at roughly 50%.
India s largest drone manufacturing company, IdeaForge Technologies, will open subscriptions for its Rs 567 crore ($76m) initial public offering on 26 June. The IPO will be available for public bidding until 29 June, with the allocation to anchor investors occurring on 23 June. The IPO consists of a fresh issue of equity shares of up to Rs 240 crore and selling shareholders offering 48.6 lakh shares. The funds raised will be used for product development, repayment of indebtedness, and other general corporate purposes.