Drone startup ideaForge files DRHP with SEBI for IPO

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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.

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Drone startup ideaForge files DRHP with SEBI for IPO

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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