ideaForge Technology files IPO papers with SEBI
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ideaForge Technology has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The public issue comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 48,69,712 equity shares by one of the promoters and existing shareholders.
Proceeds from the fresh issuance to the tune of Rs 50 crore will be utilised for debt payment, Rs 135 crore towards funding working capital requirements and Rs 40 crore for investment in product development and general corporate purposes. JM Financial and IIFL Securities are the book running lead managers to the issue.
Founded in 2007, ideaForge Technology has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India, with its drones taking off every five minutes on average for surveillance and mapping.
