Qualcomm-backed drone maker weighs US$125m India IPO, sources say

IDEAFORGE Technology, India’s largest drone maker backed by Qualcomm, is considering an initial public offering (IPO) in Mumbai that could raise about US$125 million, according to people familiar with the matter.

The company is working with financial advisers on the potential listing, which could happen in the first quarter of 2023, the people said. The Mumbai-based firm is seeking a valuation of about US$700 million in the share sale, which could mostly consist of new shares, the people said.

IdeaForge is looking to file a preliminary draft prospectus with the regulator by December, said the people, who asked not to be identified as the information is private.

Considerations are at an early stage and details of the offering including size and timeline could still change, the people said. A representative for IdeaForge declined to comment.

Founded in 2007, IdeaForge make drones for India’s armed forces, police and homeland security as well as industrial applications, according to the company’s website. It is licenced by the Ministry of Defence to manufacture unmanned aerial vehicles. In addition to Qualcomm Ventures, it also counts Infosys and Florintree Capital Partners, which was co-founded by former Blackstone fund manager Mathew Cyriac, among its backers. BLOOMBERG