The Busy Brains
22 Jun 2023
Mumbai-based drone manufacturer ideaForge Technology unveils the price range for its IPO, aiming to raise funds for product development, working capital, and debt repayment. Explore the details of the IPO and ideaForge's plans to expand its market presence.
Mumbai-based drone manufacturer ideaForge Technology has revealed the price range for its upcoming initial public offering (IPO), which will be set between Rs 638 and Rs 672 per share. Scheduled to commence on June 26, 2023, and conclude on June 29, 2023, the IPO comprises a fresh issue of Rs 240 crore and an offer for sale (OFS) of 4,869,712 shares.
The company aims to raise between Rs 550.69 crore and Rs 567.24 crore through the IPO. The funds generated will be allocated for purposes such as debt repayment, working capital, product development, and general corporate objectives. ideaForge conducted a pre-IPO placement, raising Rs 60 crore from institutional shareholders.
Established in 2007, ideaForge is a leading drone manufacturer in India, with a significant operational deployment of indigenous Unmanned Aerial Vehicles (UAVs). Its drones are utilized for surveillance, mapping, and various applications by the armed forces, police departments, disaster management forces, and more.
With an order book of Rs 192.27 crore as of March 31, 2023, ideaForge plans to expand its operations to Bangladesh, Vietnam, and Nepal. The company experienced a 16.66% growth in revenue from operations, reaching Rs 186.01 crore in FY2023, with a profit after tax of Rs 31.99 crore.
ideaForge has received backing from notable investors such as Qualcomm Asia, Infosys, and Celesta Capital. The IPO presents an opportunity for the company to capitalize on the increasing demand for drone technology in India and expand its market presence domestically and internationally.
By announcing the IPO price range, ideaForge paves the way for investors to participate in its growth journey and contribute to the development of the Indian drone market.