Mumbai-based Drone making company ideaForge Technology has received approval from the capital markets regulator Securities and Exchange Board of India (Sebi) to launch Initial Public Offering (IPO) for fundraising.
The offering consists of new issuance of shares for Rs 300 crore and a selling shareholder offer to sell up to 48.69 lakh shares. Sebi approves Tata Play and ideaForge Technology's proposals to proceed with their IPOs.
The selling shareholders in the IPO will be promoter Ashish Bhat, Amarpreet Singh, Nambirajan Seshadri, Naresh Malhotra, Sujata Vemuri, Sundararajan K Pandalgudi, A&E Investment LLC, Agarwal Trademart, Celesta Capital, Export Import Bank of India, Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte Ltd, and Society for Innovation and Entrepreneurship.
In February of this year, ideaForge Technology submitted their drafted red herring prospectus to Sebi.
According to a Tuesday update from Sebi, the company got an observation letter from the regulator on April 13. Its observation implies that Sebi has given the IPO the go-ahead, to use its terminology.
Tata Play, the first conglomorate in India to use the confidential pre-filing of draft papers option for an initial share sale in December 2022, received the regulator's observation letter on April 26.
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