IdeaForge Technology Private Limited, is the largest drone maker in India and backed by California-based Qualcomm Inc. According to Bloomberg News, the company plans to come out with an initial public offering of $125 million.
IdeaForge was founded in 2007 by Ankit Mehta, an alumnus of IIT-Mumbai, and the company manufactures drones for the Indian armed forces, industrial applications, and the police department, as per the website.
The company has about 90% market share in the Security and Surveillance segment. IdeaForge is the first company in India to indigenously develop and produce vertical take-off and landing (VTOL) UAVs. It is a pioneer in this segment and has several IPs to its credit, including the autopilot built in 2009.
Client Base
The Indian ministry of defense has approved the company to be a licensed manufacturer of unmanned ariel Vehicles (UAV). IdeaForge has deployed more than 1000 air drone systems and trained 3000 pilots in the Indian Air Force, Army, Navy, BSF, CRPF, NSG, State Police Forces, DRDO, NTPC, Indian Railways, L&T, Tafe, and many more.
Besides Qualcomm ventures, IdeaForge has backers such as IT giant Infosys Limited and Florintree Capital Partners. Florentine is co-founded by Mathew Cyriac, former fund manager at Blackstone Inc.
IdeaForge is working with financial advisors on the proposed IPO. According to people with knowledge of the matter, this listing can happen in the 2023 first quarter. The Mumbai-based company is looking towards a valuation of $700 million at a share pricing for mainly new shares.
The company is preparing to file an initial draft prospectus for the IPO in December 2022 with market regulators including SEBI (Securities and Exchange Board of India), as per confidential sources.
The public offering is in the early stages, and the size of the IPO and timeline are tentative that could undergo changes later.
A spokesperson of IdeaForge declined to comment on the development.
