ideaForge Raises ₹500 Crore Via QIP; Allots Shares

Drone technology company ideaForge announced on Friday that it has successfully concluded its Qualified Institutional Placement (QIP), raising ₹500 crore (approximately $60 million) from a group of institutional investors. The company approved the issue and allotment of approximately 6.29 million equity shares at an issue price of ₹795 per share.

Out of the total ₹500 crore raised, nearly ₹165 crore will be allocated towards funding working capital gaps. Approximately ₹120 crore will be used for repaying or prepaying outstanding borrowings, while ₹90 crore is earmarked for investment in product development. The remaining funds will be used for general corporate purposes.

ideaForge, a publicly listed company, is focused on advancing its drone technology portfolio. The company is working on developing advanced offensive and logistics features, including precision strike capabilities for multirotor drones through partnerships with ammunition experts. It is also developing a large eVTOL hybrid platform named Yeti, intended for cargo logistics.

The company recently returned to profitability, reporting a net profit of ₹59.9 crore in its last quarterly earnings, a significant improvement from a net loss of ₹25.7 crore in the same period last year. Operating revenue also saw a substantial increase, reaching ₹141 crore.