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IPO · Government, Defense & Space

Ideaforge Technology completes its initial public offering

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Date
Company
ideaForge
What it does
Drone manufacturing and software services
Kind
IPO
Amount
₹567.25 cr
Stage
public
Based in
Mumbai
Sector
Government, Defense & Space

What they do

Ideaforge Technology designs and manufactures unmanned aerial vehicles (drones) alongside providing specialized software and maintenance services for…

What happened

The company raised ₹567.25 crore through an initial public offering (IPO) that concluded in June 2023, featuring both a fresh issue and an offer for sale

Why it matters

The funds raised are allocated toward debt repayment, working capital requirements, and ongoing product development to support the company's growth as a…

The details

  • Ideaforge Technology launched its initial public offering (IPO) with a total issue size of ₹567.25 crore.
  • The IPO process involved a fresh issue of shares worth ₹240 crore to raise new capital for the company.
  • Existing shareholders participated in an offer for sale (existing shareholders sell their shares; no new money reaches the company) worth ₹327.25 crore.
  • The shares were offered at a price of ₹672 per equity share.
  • A small portion of the offering was reserved for employees, who received a 4.76% discount on the offer price.

The bigger picture

  • The company reduced its fresh issue size from ₹300 crore to ₹240 crore following a pre-IPO placement of shares worth ₹60 crore.
  • The company operates as a defence contractor, positioning itself within the specialized aerospace and security technology sector.

About the business

  • The company specializes in the design and manufacturing of drones for diverse operational needs.
  • It provides integrated software solutions that support the flight and data analysis capabilities of its hardware.
  • The business model includes providing services related to drone maintenance and operational support.
  • The company is headquartered in Vikhroli West, Mumbai.
  • Its shares are traded under the ticker IDEAFORGEEQ on the National Stock Exchange.

What happens next

  • The company plans to use the proceeds for the repayment or prepayment of existing indebtedness.
  • Funds are allocated for working capital requirements and general corporate purposes.
  • A portion of the capital is designated for ongoing product development initiatives.

The deal

Type
IPO

Investors

  • Celesta Capital ii Mauritius (seller) — Institutional investor that sold shares during the offer for sale.
  • Indusage Technology Venture Fund i (seller) — Institutional investor that sold shares during the offer for sale.
  • Qualcomm Asia Pacific Pte Ltd (seller) — Corporate investor that sold shares during the offer for sale.

Founders

  • Ankit Mehta, Founder
  • Rahul Singh, Founder

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