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Drone startup ideaForge is reportedly considering filing for an initial public offering (IPO) in 2023. It has plans to release a preliminary draft prospectus in December.

As reported by Bloomberg, ideaForge is planning to raise about $125 million with its IPO, at a valuation of $700 million. ideaForge had last raised $20 million in April 2022 in a funding round led by Florintree Capital Partners.

According to Tracxn, the company was last valued at $122 million.

IPO considerations are still at an early stage, though the company is not talking about it publicly.

According to Bloomberg, the IPO would be planned for the first quarter of 2023 if it is approved internally and by the Securities and Exchange Board of India

ideaForge was founded in 2007 by Ankit Mehta, Rahul Singh, Vipul Joshi and Ashish Bhat. The company is licensed by the Ministry of Defence to manufacture unmanned aerial vehicles. It is one of 23 startups that were chosen to be part of the central government’s Production Linked Incentive scheme for drone companies.

One of the oldest startups in India, ideaForge has been backed by several high-profile investors, including Qualcomm Ventures and Infosys.

India’s IPO market has slowed down since the onset of the market downturn earlier this year. Companies that have publicly listed this year have only raised $5.5 billion compared to $10.5 billion raised last year in the same time period, according to Bloomberg.

This report has not been independently verified by YourStory.