- Date : 13/02/2023
- Read: 2 mins
ideaForge to launch an IPO to raise funds.
ideaForge is backed by Infosys and Qualcomm and was founded by an IIT Bombay alumni. Mathew Cyriac, a former executive of Blackstone, co-established ideaForge. Florintree Capital Partners is another one with interest in ideaForge. It is looking for an IPO soon. The IPO will consist of an OFS and a fresh share issue of Rs. 300 crores.
ideaForge is based in Mumbai and is vertically integrated, designing and manufacturing drones for surveillance, security, and mapping. It has filed its papers with SEBI to raise capital through an IPO. The IPO promises to be the first drone listing on the domestic bourses. Shankar Sharma made a stellar debut with Droneacharya Aerial Innovations on BSE SME in December 2022. ideaForge's DRHP e-filing is completed. Selling shareholders include venture capital firms, Qualcomm, and other investors.
An IIT Bombay alumni founded the firm, which is a market leader in India's defense and homeland security segment. A prototype of its offerings was shown in "3 Idiots." Rancho (Aamir Khan) fixed the unmanned aerial vehicle, and the DRDO developed an interest in it. The IPO proceeds shall be used for debt, product development, and working capital. Shardul Amarchand Mangaldas and Khaitan & Co will be the legal advisors, and IIFL Capital and JM Financial will be the investment banks for the deal.
ideaForge Company details
The CFO is Vipul Joshi, while Rahul Singh, Ashish Bhat, and Ankit Mehta are the firm's co-founders. The firm helps in mining area volumetric estimation, mapping, area planning, and land survey. It helps in anti-terror operations by law enforcement and defense forces in the security and surveillance segment. It also helps in crime control, coastal surveillance and security, and border security. Its website suggests that it has the most significant indigenous UAV operational deployment in India, and one of its drones takes off every five minutes for mapping and surveillance on average.
ideaForge website says its customers have used their UAVs to complete more than 3,00,000 flights. They are 7th ranked globally in the civil and defense dual-use category. ideaForge is among the initial players to enter this market in India and has an indigenous manufacturer and development vertical takeoff and landing in India.