ideaForge, a drone manufacturer, considers IPO in 2023

• ByStartupStory     |    September 21, 2022

ideaForge, a company that makes drones, is rumoured to be thinking about going public, its initial public offering(IPO), in 2023. It plans to put out a first draft of the prospectus in December.

Bloomberg says that ideaForge wants to raise about $125 million through its IPO, which will value the company at $700 million. In April 2022, Florintree Capital Partners led a funding round in which ideaForge raised $20 million. Tracxn says that the company was last worth $122 million. Bloomberg reports that the IPO will be scheduled for the first quarter of 2023, assuming internal and Securities and Exchange Board of India approval.

In 2007, Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat established ideaForge. The Ministry of Defense has authorized the business to produce unmanned aerial vehicles. It is one of the 23 businesses selected to participate in the Production Linked Incentive program for drone firms by the federal government.

IPO discussions are still in the preliminary stages. However, the firm is not discussing it publicly.

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