IdeaForge Pre-IPO Funding: Secures Rs 60 Cr.
Drone startup ideaForge, which is preparing for its upcoming IPO, has successfully raised INR 60 crore in a recent round of pre-IPO funding. This IdeaForge Pre-IPO Funding round witnessed the active participation of notable institutional investors, including Tata AIG General Insurance, Motilal Oswal Mutual Fund, Think Investments PCC, and 360 One Asset Management.
According to banking sources cited by the Economic Times, ideaForge concluded its pre-IPO placement with a valuation of approximately INR 2,500 crore. Additionally, the company has recently submitted its red herring prospectus (RHP) to the concerned authorities, a significant step in the IPO process.
The public issue for ideaForge is anticipated to be launched by the end of June, marking an important milestone for the drone startup. However, despite multiple queries from Inc42 regarding this recent development, ideaForge has not responded yet.
Earlier this year in February, the startup submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). Subsequently, last month, ideaForge received SEBI’s approval for its IPO. The company plans to offer a fresh issue of shares valued at INR 300 crore, along with an offer for sale (OFS) of 48.7 lakh shares, according to the DRHP.
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The estimated size of ideaForge’s IPO is around INR 650 crore, with the OFS component accounting for approximately INR 350 crore. As part of the OFS, promoter Ashish Bhat is expected to sell 1.8 lakh shares, while the DRHP initially mentioned his plan to offload approximately 1.6 lakh shares.
With the successful completion of its pre-IPO funding and the upcoming launch of its public issue, ideaForge is poised for further growth and expansion in the drone industry.
About IdeaForge:
IdeaForge UAVs have the capability to aid defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders, as well as in coastal security and surveillance. Additionally, ideaForge UAVs can contribute to conducting maritime Intelligence, Surveillance, and Reconnaissance (ISR) operations, assisting in crime control efforts.
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