Drone Startup ideaForge Raises INR 255 Cr From Anchor Investors Ahead Of IPO

SUMMARY

The drone major’s IPO committee has allocated 37.93 lakh equity shares at an issue price of INR 672 per share

The funding saw participation from both domestic and foreign investors including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, Goldman Sachs

Earlier this month, ideaForge raised INR 60 Cr in a pre-IPO funding round

IPO-bound drone startup IdeaForge has raised INR 255 Cr from anchor investors.

The drone major’s IPO committee has allocated 37.93 lakh equity shares at an issue price of INR 672 per share, thus taking the transaction size to INR 255 crore, as per a circular uploaded on the BSE website.

The funding saw participation from both domestic and foreign investors including Nomura, Invesco, HSBC, ICICI Pru MF, Mirae Asset MF, HDFC MF, Goldman Sachs.

Earlier this month, ideaForge raised INR 60 Cr in a pre-IPO funding round, which saw participation from institutional investors like Tata AIG General Insurance, Motilal Oswal Mutual Fund, Think Investments PCC, and 360 One Asset Management.

ideaForge set a price band of INR 638-672 per share for its initial public offering. The IPO opens for subscription on June 26,2023, and closes on June 29,2023.

The IPO comprises a fresh issue of shares worth INR 240 Cr, and an offer for sale of 48.69 Lakh equity shares by promoters and investors. The IPO bound startup aims to raise around INR 567 Cr from the upper price band.

Founded in 2007 by IIT Bombay graduates Ankit Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge claims that its drones have completed over 3.5 Lakh flights. The startup has filed for 62 patents so far and has been granted 25 of them.

ideaForge is looking to utilise the IPO proceeds for repaying debt and make investments in product development.

The startup said it will soon expand its offerings into two product categories – tactical UAV and middle-mile logistics drones. Besides, ideaForge said it will continue focusing on improving its current offerings and building several SaaS capabilities.

ideaForge’s profit after tax (PAT) declined 27.3% to INR 32 Cr in the financial year 2022-23 (FY23) from INR 44 Cr reported in the previous fiscal year, as per the startup’s red herring prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI). Its operating revenue rose 16.7% to INR 186 Cr in FY23 from INR 159.4 Cr in FY22.

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