Ideaforge IPO expected to fuel drone startup’s flight

Drone manufacturer Ideaforge Technology Ltd on Wednesday fixed the price band for its initial public offering at Rs 638 to Rs 672 per share, aiming to raise between Rs 550.69 crore and Rs 567.24 crore.

The Mumbai-based startup’s IPO, which opens on June 26, comes as the Indian drone making industry gathers a variety of tailwinds, from the finalisation of the Drone Rules, 2021 last year that ended years of regulatory uncertainty to the government’s production-linked incentives scheme meant for indigenous drone manufacturers and service providers.