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Listed dronetech company ideaForge closed its qualified institutional placement (QIP) on Friday (July 10), raising ₹500 Cr from a clutch of institutional investors.

The fundraising committee approved the issue and allotment of around 62.89 Lakh equity shares to eligible qualified institutional buyers (QIB) at an issue price of ₹795 per share. The company issued the new equity shares 5% lower than the floor price of ₹835.8 announced when the company launched the QIP on July 7.

NBFC Bengal Finance and Investment, Hara Global Capital, Arohi Asset Management, ACM Capital Management were among the investors that lapped up shares in the drone company. Besides, HDFC Mutual Fund, Mahindra Manulife and Bandhan were some of the mutual funds that participated in the QIP.

Following the allotment of equity shares part of the QIP, ideaForge’s paid-up equity share capital increased to ₹4,968.4 Cr, consisting of 4.96 Cr equity shares.

In its QIP prospectus, the company noted that out of the ₹500 Cr raised, around ₹165 Cr will be utilised for funding a working capital gap, ₹120 Cr will be used toward repaying or prepaying certain outstanding borrowings availed by the company. Further, ₹90 Cr will be invested in product development, while the remaining will be utilised toward general corporate purposes.

The drone tech company is also working on 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 small and medium multirotors by entering strategic partnerships with ammunition experts. Interestingly, the company is also developing a large eVTOL hybrid platform, Yeti, with dedicated features to support cargo logistics.

ideaForge’s board had approved the fund raise plans in June, with its board clearing plans to raise ₹500 Cr in one or more tranches via a preferential allotment, private placement or QIP.

With the fresh infusion to its warchest, the company would be looking to fuel its top line and bottom line performance further. Important to mention that ideaForge returned to the black in the final quarter of FY26, reporting a net profit of ₹59.9 Cr in Q4 FY26 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.

Shares of ideaForge ended Friday’s trading session at its upper circuit of 5%, zooming to ₹894.85.

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