ideaForge Raises $30M from Anchor Investors Ahead of IPO
- ByStartupStory | June 24, 2023
ideaForge, a leading drone maker based in Mumbai, has successfully raised over $30 million from anchor investors ahead of its highly anticipated initial public offering (IPO). The company, known for its operational deployment of indigenous unmanned aerial vehicles (UAVs) across India, has attracted prominent investors such as Nomura Funds, Goldman Sachs Funds, and Tata AIA Life Insurance Company. This article will delve into the details of ideaForge’s IPO, its financial allocation, and the significant milestones achieved by the company.
ideaForge is set to launch its IPO with a price band of Rs 638 to Rs 672 per share. The IPO comprises a fresh issue of equity shares worth Rs 240 crore and an offer for sale (OFS) of 48,69,712 equity shares. The company aims to raise a total of Rs 550.69 crore to Rs 567.24 crore, depending on the lower and upper ends of the price band, respectively. The public subscription for the IPO will open on June 26 and conclude on June 29.
Before the IPO, ideaForge allocated 37.93 lakh equity shares to 31 funds, raising a significant amount of Rs 255 crore. The anchor investors include renowned names such as Nomura Funds Ireland Public Ltd, Pinebridge Global Funds, and Tata AIG General Insurance Company. Other participants in the anchor round of funding include Tata AIA Life Insurance Company and Max Life Insurance Co Ltd. Mutual funds like ICICI Prudential Mutual Fund, Axis MF, and HDFC MF have also shown interest in investing in the company.
Use of Proceeds
ideaForge plans to utilize the proceeds from the IPO for various purposes. A total of Rs 50 crore will be allocated towards debt payment, while Rs 135 crore will fund the working capital gap. Additionally, the company will invest Rs 40 crore in product development and allocate the remaining amount for general corporate purposes.
Pre-IPO Placement Round
Prior to the IPO, ideaForge raised Rs 60 crore in a pre-IPO placement round from institutional investors. Among the investors were Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC.
ideaForge’s Strong Market Presence
Founded in 2007, ideaForge has emerged as a key player in the drone industry, particularly in the field of indigenous UAVs. The company boasts the largest operational deployment of UAVs in India, with its drones being utilized for surveillance and mapping purposes. The order book of ideaForge stood at an impressive Rs 192.27 crore as of March 2023, reflecting the strong demand for its products and services.
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