MUMBAI: IdeaForge Technology Pvt, India’s largest drone maker backed by Qualcomm Inc, is considering an initial public offering in Mumbai that could raise about US$125mil , 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 US$700mil in the share sale, which could mostly consist of new shares, the people said.

IdeaForge is looking to file a preliminary draft prospectus with the regulator by December, said the people, who asked not to be identified as the information is private.

Considerations are at an early stage and details of the offering including size and timeline could still change, the people said. A representative for IdeaForge declined to comment.

Founded in 2007, IdeaForge makes drones for the armed forces, police and homeland security.

 - Bloomberg