The company had filed draft papers with markets regulator SEBI earlier in February this year and received approval for the same last month.
IdeaForge Technology, India’s largest drone manufacturing company, has raised about Rs 60 crore in a pre-IPO round.
The funding round saw participation from institutional investors, including Tata AIG General Insurance, 360 One Asset Management, Motilal Oswal Mutual Fund, and Think Investments PCC, a foreign institutional investor.
The IPO comprises a fresh issue of equity shares of up to Rs 240 crore and an offer for sale (OFS) of up to 48.6 lakh shares by selling shareholders.
Post the pre-IPO funding round, the company had reduced the fresh issue part to Rs 240 crore from Rs 300 crore earlier.
Under the OFS, Ashish Bhat will sell 1.58 lakh shares, Amarpreet Singh will offload 8,362 shares and Nambirajan Seshadri will sell 22,600 shares. Other selling shareholders include A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius among others.The proceeds from its fresh issuance to the tune of Rs 50 crore will be utilised for repayment of certain indebtedness availed by the company, Rs 135 crore towards funding working capital requirements, Rs 40 crore for investment in product development and general corporate purposes.
IdeaForge primarily caters to customers with applications for surveillance, mapping, and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.
It is one of the first few companies in India to enter the UAV market.
The Mumbai-based company is backed by marquee investors, including Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.
JM Financial and IIFL Securities are the book-running lead managers and Link Intime India is the registrar for the issue.
