IdeaForge Technology filed its draft red herring prospectus with India’s capital markets regulator, SEBI, last month. Founded in 2007 by IIT Bombay alums, the company’s early claim to fame was being featured in 2009’s popular Bollywood movie ‘3 Idiots.’
More than a decade later the company looks to raise ₹750 crore through the initial public offering (IPO). The offer comprises of both fresh issues and offer for sale. If the massive issue goes through, it will make IdeaForge the first drone company to issue a main board IPO. DroneAcharya which went public late last year listed on the Small and Medium Enterprise board.
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The company designs and manufactures drones for mapping, security, and surveillance applications. The company’s promoters currently hold a 50.70% stake in the company. It is also backed by Infosys and Qualcomm who hold a 4.44% and a 3.79% stake respectively. Both invested in the company in 2017.
The company has said that it will use the capital to pay up debts, manage working capital requirements, and product development. JM Financial and IIFL Securities are the lead managers for the IPO.
Founded by Ankit Mehta, Ashish Bhat, Rahul Singh, Amarpreet Singh, and Vipul Joshi the company booked revenue of ₹159.43 crore in FY22. The company’s revenue for the first half of this financial year stood at ₹139.58 crore. Net profit for the period stood ₹45.2 crore.
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