February 28, 2024
IdeaForge, a Prominent Drone Manufacturer, Raises ₹255 Crore from Anchor Investors Ahead of IPO

Mumbai, June 24, 2023 – In a major development, ideaForge, a leading drone manufacturing startup, has secured a substantial funding of ₹255 crore or $31 million from anchor investors. This impressive milestone comes just a few days after the company filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI), announcing its plan to raise ₹570 crore through an initial public offering (IPO).

The anchor investors participating in this funding round include esteemed entities such as Nomura Funds Ireland Public Ltd, Goldman Sachs Funds, Pinebridge Global Funds, Tata AIG General Insurance Company, Tata AIA Life Insurance Company, and Max Life Insurance Co Ltd. Domestic mutual funds like ICICI Prudential Mutual Fund (MF), Aditya Birla Sun Life MF, Quant MF, Axis MF, HDFC MF, Nippon India MF, and Motilal Oswal MF have also shown their interest in the anchor round.

According to documents uploaded on the BSE website, ideaForge has allocated 37.93 lakh equity shares at ₹672 apiece, resulting in a funding size of ₹255 crore.

ideaForge, founded by Ankit Mehta, Ashish Bhat, and Rahul Singh, specializes in the design, manufacturing, and supply of unmanned aerial vehicles (UAVs) and associated hardware components such as payloads, batteries, chargers, and communication systems. Additionally, the company provides software and embedded sub-systems for industry-specific applications. Its client base includes the armed forces, central armed police forces, state police departments, forest departments, disaster management forces, and civil customers.

The upcoming IPO by ideaForge Technology is scheduled to commence on June 26th and conclude on June 29th. The offering price per share will range from ₹638 to ₹672, with an estimated IPO size of ₹550.69 crore to ₹567.24 crore for the lower and upper ends of the price band, respectively.

The IPO comprises a fresh issuance of shares valued at ₹240 crore, along with an offer for sale of 48.69 lakh shares by promoters and investors. The proceeds from the fresh issuance will be allocated as follows: ₹50 crore for debt repayment, ₹135 crore for bridging the working capital gap, ₹40 crore for investment in product development, and the remaining amount for general corporate purposes.

In a noteworthy development, ideaForge recently raised ₹60 crore in a pre-IPO placement round from institutional investors, including Tata AIG General Insurance, Motilal Oswal Midcap Fund, 360 ONE Special Opportunities Fund – Series 9 and 10, and Think Investments PCC.

With this significant funding achievement, ideaForge is now poised for its IPO launch, generating considerable interest from investors and industry stakeholders. The success of the IPO has the potential to propel the company towards further growth and innovation in the drone manufacturing sector.

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