India’s largest Drone maker ideaForge files for IPO

IdeaForge Technology, a leading drone maker in India, has filed papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The IPO will include fresh issuances of shares worth Rs 300 crore and an offer-for-sale (OFS) by the company’s promoters and shareholders, with 48.7 lakh shares on offer.

Read Opportunities in Indian Drone Industry

IdeaForge Technology plans to use the proceeds from the IPO to repay or prepay certain debts, fund working capital requirements, and invest in product development and general corporate purposes.

With an approximate 50% market share in Indian unmanned aircraft systems, IdeaForge Technology is poised for growth in the drone industry.

IdeaForge Technology provides a wide range of products and services, including unmanned aerial vehicles (UAVs), communication systems, batteries, and drone-related software and solutions. The company caters to customers’ needs for surveillance, mapping, and surveying.

IdeaForge Technology, backed by Infosys and Qualcomm, is set to make its debut on the stock market, becoming the first drone manufacturing company to do so. JM Financial and IIFL Capital are the book running lead managers for the IPO.

Over the last three years, IdeaForge Technology has achieved a 237.48% compound annual growth rate (CAGR) in revenue from operations. The company turned profitable in Q2FY23, thanks to sales to the Indian defense sector.

According to a 1Lattice Report cited in the DRHP, the drone industry is currently valued at $21 billion and is expected to grow at a CAGR of 20%. By 2030, India’s drone industry aims to establish itself as a major drone hub.

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