ideaForge has been ranked seventh globally in the dual-use category drone manufacturers as per the report published by Drone Industry Insights in December 2022.
The company has raised about Rs 60 crore in a pre-IPO round from institutional investors that included Tata AIG General Insurance, Motilal Oswal Mutual Fund, and Think Investments PCC. The IPO comprises a fresh issue of up to Rs 240 crore in equity shares plus an offer for sale of up to 4.86 million units
IPO: Drone maker IdeaForge raises Rs 60 cr in pre-IPO round indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
The proceeds from its fresh issuance will be utilised for repayment / prepayment of certain indebtedness availed by the Company, funding working capital requirements and for investment in product development and general corporate purposes.
Mumbai-based Drone maker ideaForge Technology Limited has received final observation from the capital markets regulator, Securities and Exchange Board of India, to raise funds through an initial public offering.