ideaForge, a listed drone technology company, opened its qualified institutional placement (QIP) on July 7 to raise fresh capital with a floor price set at ₹835.86 per equity share. The price represents a slight discount from its closing price of ₹838 on the same day. The company may offer a discount of up to 5% on the floor price, subject to shareholder approval, according to inc42.com.
The fundraising committee approved the QIP as part of a broader plan to raise up to ₹500 crore through one or more tranches via preferential allotment, private placement, or QIP. The prospectus details that ₹165 crore will address a working capital gap, ₹120 crore will repay outstanding borrowings, and ₹90 crore will be invested in product development. The remainder will support general corporate purposes. The capital raise follows a sharp turnaround in ideaForge's financial performance, the company disclosed.
ideaForge is evolving its product portfolio by developing advanced offensive and logistics drone features. It plans to introduce precision strike capabilities for small and medium multirotors through partnerships with ammunition experts. Additionally, the company is working on a large eVTOL hybrid platform named Yeti, designed with dedicated features to support cargo logistics. These developments position ideaForge to expand its presence in defense and logistics drone markets.
ideaForge's board approved the ₹500 crore capital raise plan in June, and the QIP opened on July 7 with a floor price of ₹835.86 per share. The company has already secured shareholder approval for a possible discount of up to 5% on the floor price, enabling flexibility in the fundraising process.