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IdeaForge Technology, Tata Play Gain SEBI's approval to launch IPOs

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The financial markets regulator Sebi has given the go-ahead for two businesses, including drone manufacturer ideaForge Technology and Tata Play, previously known as Tata Sky, to seek money via initial public offerings (IPOs).

The regulator's observation letter was received on April 26 by Tata Play, the first business in India to employ the secret pre-filing of draught documents option for an initial share offering in December 2022.


According to a Tuesday update from Sebi, IdeaForge Technology, which submitted its preliminary paperwork to the regulatory body in February of this year, received its observation letter on April 13.

According to the Securities and Exchange Board of India (Sebi), its observation means that it has given the IPO the go-ahead.

There is little pressure on the corporation to pursue an IPO under the pre-filing option, according to analysts.

Furthermore, under the pre-filing route, an IPO may be floated within 18 months of the date of Sebi's final comments, as opposed to the traditional route, which requires companies to launch the IPO within 12 months of Sebi approval or final observation.

The principal issue size may be changed by 50% using this technique up to the Updated Draught Red Herring Prospectus (UDRHP) stage.

According to the proposed documents, IdeaForge Technology's public offering would include a new issuance of equity shares valued at Rs 300 crore and an offer for sale (OFS) of 48,69,712 equity shares by one of the founders and existing shareholders.

A&E Investment LLC, Agarwal Trademart, Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Export-Import Bank of India, Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte Ltd, and the Society for Innovation and Entrepreneurship are among the companies selling shares in the OFS.

A total of Rs 50 crore of the proceeds from the new offering would be used to pay down debt, Rs 135 crore to meet working capital needs, and Rs 40 crore to invest in product development and other general corporate objectives.

The Mumbai-based business, which was established in 2007, has the biggest operational deployment of domestic unmanned aerial vehicles (UAVs) in India, with its drones typically taking off every five minutes for mapping and monitoring.


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