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Ideaforge Technology Ltd, the leading drone manufacturer in India, has announced the pricing for its upcoming initial public offering (IPO). With the Indian drone industry witnessing remarkable growth and receiving support from regulations and government incentives, the IPO aims to raise significant funds. Ideaforge, with the backing of prominent investors like Infosys Ltd and Qualcomm, has established itself as a key player in India's unmanned aerial vehicle market.
The IPO price range has been set between Rs 638 and Rs 672 per share, with the company aiming to raise between Rs 550.69 crore and Rs 567.24 crore. At the upper price band, the market capitalization of Ideaforge will reach Rs 2,800 crore. The IPO is scheduled to commence on June 26, providing an opportunity for investors to participate in the thriving drone industry.
Through the issuance of fresh shares, Ideaforge plans to raise approximately Rs 240 crore, while the remaining proceeds will go to stakeholders selling their shares. The raised funds will be utilized for debt repayment, working capital, product development, and general corporate purposes. This infusion of capital will contribute to the expansion of Ideaforge's operations and advancements in the drone sector.
Infosys, the second-largest IT company in India, expects a substantial increase in the value of its investment in Ideaforge following the IPO. Although Infosys is not selling its shares in the Rs 566 crore IPO, the value of its investments in Ideaforge is projected to grow around 6.3 times in just over six years since the initial investment.
The successful IPO of Ideaforge is anticipated to attract much-needed capital to the drone sector, which has seen limited investments from venture capital funds and private equity investors during the growth stage. With approximately 70% of its revenue generated from the defense sector and the remaining 20% from civil clients such as police forces and government agencies, Ideaforge has established a strong foothold in the market.
Ideaforge Technology's IPO announcement marks a significant milestone for the Indian drone industry. The funds raised through the IPO will not only drive the company's growth but also fuel the overall development of the drone sector. With the support of regulatory frameworks and government incentives, India is poised to become a leading player in the global drone market.
Founded in 2007, Ideaforge has emerged as a leading provider of drones and cutting-edge software solutions. Their expertise in autopilot systems, geographic information systems, and surveillance technology has propelled their revenue growth, achieving an impressive 237.48% compound annual growth rate in the past three fiscal years. Their drones have been instrumental in critical applications, such as assisting in search and rescue efforts during the devastating 2015 earthquake in Nepal.
In a significant development, Infosys, a renowned IT company, invested in Ideaforge through its Innovation Fund in December 2016. As per the red herring prospectus, Infosys currently holds a 4.35% stake in the company, equivalent to 16,47,314 shares. This strategic partnership showcases the industry's recognition of Ideaforge's potential in the drone market.
Setting its sights on expansion, Ideaforge has announced its IPO pricing at a range of Rs 638 to Rs 672 per share. This milestone not only signifies a significant moment for the company but also holds immense importance for the entire Indian drone industry. The funds raised through the IPO will empower Ideaforge to enhance its operations, drive technological advancements, and solidify India's position as a global drone hub.
With innovation at its core, Ideaforge is revolutionizing the way drones are utilized across industries. The IPO pricing is a testament to the confidence in Ideaforge's potential and its contributions to shaping the future of the drone industry.
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