Drone maker ideaForge Technology files IPO papers with Sebi

Founded in 2007, the Mumbai-based company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

Drone maker ideaForge Technology has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The public issue comprises fresh issue of equity shares worth ₹300 crore and an offer for sale (OFS) of 48,69,712 equity shares by one of the promoters and existing shareholders, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS include Ashish Bhat, A&E Investment LLC, Agarwal Trademart, Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Export Import Bank of India, Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte Ltd and Society for Innovation and Entrepreneurship.

Also, the company may consider an issue of shares aggregating up to ₹60 crore. If such placement is completed, the fresh issue size will be reduced.

Proceeds from the fresh issuance to the tune of ₹50 crore will be utilised for debt payment, ₹135 crore towards funding working capital requirements and ₹40 crore for investment in product development and general corporate purposes.

Founded in 2007, the Mumbai-based company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India, with its drones taking off every five minutes on average for surveillance and mapping.

ideaForge's customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.