Mumbai-based ideaForge, a vertically integrated firm which designs and manufactures drones for mapping, security and surveillance applications has filed papers with market regulator SEBI to unlock value and raise capital via an initial public offer, multiple industry sources with knowledge of the matter told Moneycontrol.
If the firm’s plans fructify, it would be the first ever listing by a drone maker on the main board of the domestic bourses. To be sure, ace investor Shankar Sharma-backed Droneacharya Aerial Innovations made a stellar debut on the BSE SME platform in December 2022.
ideaForge is backed by the likes of Qualcomm, Infosys and Florintree Capital Partners, co-established by former Blackstone executive Mathew Cyriac.
“The e-filing of the DRHP (Draft Red Herring Prospectus) has been done. The IPO will be a combination of a fresh issue of shares of around Rs 300 crore and an OFS component. The selling shareholders who plan to participate include promoter group entities, Qualcomm, venture capital firms and other investors” said one of the persons cited above.