Drone maker IdeaForge Technology Pvt., is considering an initial public offering in Mumbai that could raise about $125 million. The company is working with financial advisers on the potential listing, which is expected to happen in the first quarter of 2023.
The Mumbai-based firm is seeking a valuation of about $700 million in the share sale, mostly consisting of new shares. IdeaForge is looking to file a preliminary draft prospectus with the regulator by year-end.
IdeaForge makes drones for India’s armed forces, police and homeland security as well as industrial applications. It is licensed by the Ministry of Defence to manufacture unmanned aerial vehicles. In addition to Qualcomm Ventures, it also counts Infosys Ltd. and Florintree Capital Partners, which was co-founded by former Blackstone Inc. fund manager Mathew Cyriac, among its backers.
India’s IPO activity has slowed significantly amid a global plunge on concerns over rising interest rates and a potential recession. Companies have raised about $5.5 billion through first-time share sales in India this year, down by almost half from the $10.2 billion raised during the same period in 2021.
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