Shardul Amarchand Mangaldas advises ideaForge Technology Limited on the Initial Public Offering of equity shares aggregating to ₹ 567.24 crore

July 10, 2023

Shardul Amarchand Mangaldas advised ideaForge Technology Limited on the Initial Public Offering of 8,441,764 equity shares on the Indian Stock Exchange Market. This includes issuance of fresh 3,572,052 equity shares aggregating to ₹ 2,400.00 million and an offer for sale of 4,869,712 equity shares aggregating to ₹ 3,272.45 million by one of the promoters, individual shareholders, and the corporate shareholders. The deal was valued at ₹ 567.24 crore. The equity shares are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited on 7 July 2023.

This is the first Indian drone manufacturing company to be listed on the mainboard, with the IPO being subscribed over 106 times overall, making it the highest subscription in an IPO in India since 2021.

The capital market team was led by Prashant Gupta, Partner; National Practice Head – Capital Markets; Sayantan Dutta, Partner; Romit Srivastava, Senior Associate; Debolina Mitra, Associate; Jheel Bhargava, Associate; and Purva Mishra, Associate.

The general corporate team was led by Anirban Bhattacharya, Partner & team.

The private clients practice was led by Divi Dutta, Partner & team.

Hogan Lovells Lee & Lee advised the BRLMs on Special Purpose International law aspects.