Ideaforge, India's leading drone manufacturer, has opened its initial public offering (IPO) for subscription. The company has raised INR2.54bn ($34m) from anchor investors, including HSBC, Invesco, and Goldman Sachs. The IPO is priced between INR638-672 per share, with analysts arguing it is reasonably valued given the potential for future growth. With a 50% market share in India's unmanned aircraft systems (UAS) industry, the drones made by Ideaforge are suitable for mapping, security, and surveillance. The IPO consists of an issue of equity shares worth INR2.4bn and an offer for sale of 4.8 million shares.
