ideaForge has opened its Qualified Institutional Placement (QIP) on July 7 to raise fresh capital, with a floor price of ₹835.86 per share
The fundraising comes as ideaForge scales up its defence and logistics drone portfolio following a sharp financial turnaround. The fresh capital will help strengthen working capital, reduce debt and accelerate new product development
Of the proceeds, ₹165 Cr will fund working capital, ₹120 Cr will be used to repay borrowings and ₹90 Cr will go towards product development, with the balance earmarked for general corporate purposes
Listed dronetech company IdeaForge has opened its qualified institutional placement (QIP) today (July 7) to raise fresh capital. The fundraising committee approved a floor price of ₹835.86 per equity share, a slight discount from its closing price of ₹838 today.
The company said it may offer a discount of up to 5% on the floor price, subject to shareholder approval already received.
In its QIP prospectus, the company outlined the following objectives of the fundraise:
- ₹165 Cr is earmarked for funding a working capital gap
- ₹120 Cr will be used to repay/ repay certain outstanding borrowings availed by the company
- ₹90 Cr will be invested in product development
The remainder of the proceeds would be used to meet general corporate purposes.
In its disclosures, the company said that it is evolving its portfolio by actively engaging in the development of advanced offensive and logistics features.
For instance, it intends to introduce precision strike capabilities for our small and medium multirotors through strategic partnerships with ammunition experts.
The company is also developing a large eVTOL hybrid platform, Yeti, it is developing dedicated features to support cargo logistics.
Notably, ideaForge’s board approved its plan to raise up to ₹500 Cr through one or more tranches via a preferential allotment, private placement or QIP earlier in June.
The capital raise comes after a sharp turnaround in the company’s financial performance. ideaForge returned to profitability in the quarter ended March 2026, posting a net profit of ₹59.9 Cr against a net loss of ₹25.7 Cr a year earlier. Its operating revenue surged multifold to ₹141 Cr, marking its highest-ever quarterly revenue.
During its earnings call, CEO Ankit Mehta described FY26 as the company’s strongest year since inception.
The company said it secured around ₹530 Cr worth of orders during the financial year and converted nearly 40% of its open order book into revenue in the March quarter despite supply chain disruptions caused by geopolitical tensions.
Alongside improving financials, ideaForge expanded its defence offerings during the quarter by adding combat drone capabilities, including loitering munitions and long-range strike systems.
It also strengthened its international presence through defence engagements and orders from the US, NATO countries and Japan, while expanding its R&D and manufacturing footprint across Navi Mumbai, Bengaluru, Delhi and the US.
Shares of ideaForge ended today’s trading session 1.93% lower at ₹838 on the BSE.
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