Mumbai-based drone manufacturer ideaForge Technology has received the final approval from the regulatory body Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), according to media reports.

On February 10, 2023, the company submitted preliminary IPO papers to Sebi. A fresh issue of ₹300 crore and an offer for sale (OFS) of 4,869,712 equity shares make up the public offering, which has a face value of ₹10 per equity share.

According to a statement from ideaForge Technology, the OFS comprising of up to 158,200 equity shares by Ashish Bhat, up to 8,362 equity shares by Amarpreet Singh, up to 22,600 equity shares by Nambirajan Seshadri, up to 22,600 equity shares by Naresh Malhotra, up to 203,400 equity shares by Sujata Vemuri, up to 51,980 equity shares by Sundararajan K Pandalgudia, up to 135,600 equity shares by A&E Investment LLC, up to 53,200 equity shares by Agarwal Trademart Private Limited, up to 1,106,722 equity shares by Celesta Capital II Mauritius, up to 131,758 equity shares by Celesta Capital II-B Mauritius, up to 202,044 equity shares by Export Import Bank of India, up to 1,695,000 equity shares by Indusage Technology Venture Fund I, up to 1,055,646 equity shares by Qualcomm Asia Pacific Pte. Ltd., up to 22,600 equity shares by Society for Innovation and Entrepreneurship.

Amounting to Rs. 50 crore, the proceeds from its latest issuance will be used for general corporate reasons, as well as the repayment or payback of a number of loans that the company has taken out. Additionally, Rs. 135 crore will be used to support working capital needs, while Rs. 40 crore will be invested in product development.

Leading investors including Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance back the Mumbai-based startup. Currently, Exim Bank owns 1.09% of the company, followed by Qualcomm with 3.79% and Celesta with 13.35%.

The book running lead managers for the IPO are JM Financial Limited and IIFL Securities Limited, while Link Intime India Private Limited is the registrar.