3 idiots fame ideaForge files DRHP for raising Rs 300 crore

14 Feb 2023 , 10:18 AM

Mumbai-based drone maker firm ideaForge files DRHP to raise funds via initial public offer. It is a vertically integrated company which designs and manufactures drones for mapping, security and surveillance applications. 

The IPO comprises fresh issue of worth Rs 300 crore and an offer for sale of 4,869,712 equity shares. ideaForge’s investors, including Celesta Capital, Qualcomm and Exim Bank of India, with Ashish Bhat, A&E Investment LLC, Agarwal Trademart, Indusage Partners and Society for Innovation and Entrepreneurship (SINE), are looking at partial exit through the IPO.

The company is founded by IIT Bombay alumni Ankit Mehta and two other students. ideaForge is a market leader in the defence and homeland security UAV (Unmanned Aerial Vehicles) segment in India, mesmerized viewers with one of its prototypes which was featured in the Bollywood smash hit ‘3 Idiots’. The UAV, which was fixed by Aamir Khan’s character Rancho in the movie, also caught the attention of the DRDO (Defence Research and Development Organization).

As per DRHP, the IPO is jointly managed by JM Financial and IIFL Capital Services. Link Intime India Private Limited is the registrar of the offer.