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Qualcomm-Backed Drone Maker Weighs $125 Million India IPO, Sources Say

  • IdeaForge is seeking $700 million valuation in a listing
  • Firm looks to file draft propsectus by December, IPO in 2023
IdeaForge Technology drones.

IdeaForge Technology drones.

Photographer: T. Narayan/Bloomberg
Updated on

IdeaForge Technology Pvt., India’s largest drone maker backed by Qualcomm Inc., is considering an initial public offering in Mumbai that could raise about $125 million, according to people familiar with the matter.

The company is working with financial advisers on the potential listing, which could happen in the first quarter of 2023, the people said. The Mumbai-based firm is seeking a valuation of about $700 million in the share sale, which could mostly consist of new shares, the people said.