Mumbai-based IdeaForge has submitted documents to market regulator SEBI for its initial public offer (IPO). IdeaForge is a drone manufacturing and designing company. These drones are used in mapping, security, surveillance, etc. If this IPO is successful, ideaForge will become the first drone company to be listed on a major stock market index. Let us inform you that earlier in December 2022, Dronacharya Aerial Innovation, a drone company invested in by Shankar Sharma, was listed on the SME platform of the Bombay Stock Exchange and received a tremendous response from investors.
Qualcomm, Infosys, Florintree Capital Partners, etc have invested in IdeaForge. Let us tell you that Florintree Capital Partners was founded by former Blackstone executive Matthew Cyriac.
A source said, “The company has submitted draft papers for the IPO. About Rs, 300 crores will be raised by issuing new shares through the IPO. Apart from this, the existing shareholders will also sell some of their stake in it. Apart from the companies, Qualcomm and some other venture capital firms may be involved.”
The company’s drone was seen in a scene of “3 Idiots”
ideaForge was started by the students of IIT Mumbai. It is today the country’s leading company in the Defense and Homeland Security UAV (Unmanned Aerial Vehicle) segment. The drone model of this company was shown in a scene of the superhit film “Three Idiots”, which brought the company a lot of fame.
In the film, Rancho (played by Aamir Khan) fixes the drone after the student who modeled it commits suicide. After the film, DRDO (Defence Research and Development Organization) also caught the eye of this drone and since then there was no looking back for ideaForge.
The company hired investment bankers
A second source said that the amount raised from the IPO will be used to reduce debt, develop products and meet working capital requirements. At the same time, a third source said that the company has appointed JM Financial and IIFL Capital as investment bankers for the IPO.
MORE FOR YOU
