Drone manufacturing company, ideaForge has filed its Red Herring Prospectus (RHP) with
market regulator Security and Exchange Board of India (SEBI). The Mumbai-based company is
looking to raise around Rs 570 crore from the public market.
The fresh issue size will be Rs 240 crore while the company will offer its 48,69,712 equity
shares, aggregating a sum of around Rs 327 crore through an offer for sale.
The company had filed its Draft Red Herring Prospectus (DRHP) with SEBI in February this
year to raise Rs 300 crore via fresh issue. As per the board, the size of the fresh issue of up to
Rs 300 crore has been reduced to the revised size of Rs 240 crore.
The RHP further revealed that the drone startup has raised a pre-IPO round of Rs 60 crore from
Motilal Oswal Mutual Fund, Think Investments PCC, 360 One Asset Management and Tata AIG
General Insurance. Following the round, the company has been valued at around Rs 2,560
crore.
ideaForge has appointed JM Financial and IIFL Securities as the book-running lead managers
(BRLMs) for the listing while Link Intime India Private Limited will be the registrar.
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