ideaForge Raises Rs 255 Crore in Anchor Round Ahead of IPO

Drone manufacturer ideaForge has raised Rs 255 crore in an anchor round prior to its upcoming initial public offering (IPO), which will be available for public subscription starting Monday.

The company, known for its innovative drone technology, attracted investments from various investors, including both domestic and international players.

As per the circular published on the BSE website, ideaForge allocated 37.93 lakh equity shares to 31 funds at a rate of Rs 672 per share, resulting in a total transaction size of Rs 255 crore.

Notable investors participating in the anchor round include Nomura Funds Ireland Public Ltd, Pinebridge Global Funds, Goldman Sachs Funds, Tata AIA Life Insurance Company, and prominent domestic mutual funds such as ICICI Prudential MF, Axis MF, HDFC MF, and Quant MF.

This comes shortly after ideaForge raised an additional Rs 60 crore in a pre-IPO placement round from institutional investors.

Among the institutional investors were Tata AIG General Insurance, 360 ONE Special Opportunities Fund, Motilal Oswal Midcap Fund, and Think Investments PCC. The successful fundraising efforts in both the anchor round and pre-IPO placement round demonstrate strong investor interest in the company.

The IPO, which is expected to raise between Rs 550.69 crore and Rs 567.24 crore, depending on the price band of Rs 638 to 672 per share, consists of a fresh issue of equity shares worth Rs 240 crore, along with an offer for sale of 48,69,712 equity shares.

The offer includes a reservation for subscription by eligible employees. The IPO will be open for subscription from June 26 to June 29.

The company plans to allocate the proceeds from the fresh issuance strategically. Out of the total funds raised, Rs 50 crore will be utilized for debt payment, Rs 40 crore will be allocated for investment in product development, and Rs 135 crore will be directed towards funding the working capital gap. The remaining amount will be utilized for general corporate purposes, the company said.

ideaForge has garnered support from prominent ventures and marquee private equity investors throughout its journey.

Investors such as Qualcomm Asia, Infosys, and Celesta Capital have shown confidence in the company's potential. Notably, Florintree Enterprises, backed by Mathew Cyriac, holds the largest stake in ideaForge, with an 11.85% share.

With the successful anchor round and pre-IPO placement, ideaForge is positioned to make a strong debut in the public markets.

The company's technological advancements in the drone industry, coupled with its reputable investors, have generated significant interest and anticipation in the upcoming IPO.

Also Read:

• Infosys to provide free certification in AI and Generative AI skills