ideaForge IPO: IdeaForge IPO, a Mumbai-based drone manufacturing company, is preparing for listing in the stock market by launching an IPO. The company has filed a draft paper (DRHP) with the stock market regulator SEBI for approval to launch the IPO.
ideaForge is a vertically integrated firm engaged in design, manufacturing of drones for mapping, security and surveillance applications. If the company gets approval from SEBI to bring an IPO, then there will be a listing of the first drone manufacturing company on BSE and NSE. New shares worth Rs 300 crore will be issued in IPO and shares will also be sold through offer for sale. Apart from repaying the debt, the amount raised from the IPO will be used for working capital. ideaForge is a Florintree Capital Partners-backed company including veteran telecom hardware manufacturing company Qualcomm, veteran domestic IT company Infosys. Some other investors including Qualcomm will sell their stake in the IPO.
The IIT Bombay alumnus founded a firm named ideaForge, which is one of the country’s leading companies in the Defense and Homeland Security UAV (Unmanned Aerial Vehicles) segment. A prototype of the company was seen in Aamir Khan’s film 3 Idiots. This UAV was repaired by a character named Rancho in the film, played by Aamir Khan. DRDO (Defence Research and Development Organization) caught sight of this UAV, after which this project gained momentum.
Earlier, veteran investor Shankar Sharma-backed Dronacharya Aerial Innovation was listed on BSE’s SME platform in December 2022. The company had brought IPO at Rs 54 per share which has given multibagger returns to the investors. Currently the stock is trading at Rs 156.25. That is, the IPO has given 190 percent return to the investors.