Idea for a Qualcomm-backed drone startup Forge has reportedly filed its draft red herring prospectus (DRHP) for an initial public offering with market regulator Securities and Exchange Board of India (SEBI) (IPO).
According to reports, the public offering will include a fresh issue of shares worth INR 300 crore and an offer for sale (OFS) of nearly 48.7 lakh shares. Among the investors in the OFS are promoter group entities, Qualcomm, and venture capital firms. The IPO proceeds would be used to reduce debt, meet working capital needs, and fund product development.
