IdeaForge Technology Limited is a leader in the Indian unmanned aircraft systems (“UAS”) market,with a 50% market share in Fiscal 2022. According to a 1 Lattice Report, Ideaforge Technology is the 7th largest in the world in the dual-use category (Civil & Defence) of drone manufacturing.
The company conducted the largest operational deployment of indigenous UAVs in India completing 300,000 flights as of December 31, 2022.
Ideaforge manufactures drones used for surveillance and mapping. They are also the first company to develop vertical take-off and landing capabilities internally.
Ideaforge engages in investing, designing, and delivering customer-centric UAV products through a vertically integrated model. Being one of the first few players in the domain, they have introduced innovations in technology and design. The company showcased their 5G-enabled UAVs at the Indian Mobile Congress in 2018. They are among the few OEMs having proprietary autopilot sub-system and ground control software.
Financially, the company’s revenue from operations had grown at 237.48% CAGR in the last three fiscals.
IdeaForge Technology IPO – Details
| IPO Opening Date | 26 June 2023 |
| IPO Closing Date | 30 June 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 84,41,141 Shares Worth ₹567.24 Crore Fresh Issue: 35,71,429 Shares Worth ₹240 Crore Offer For Sale: 48,69,712 Shares Worth ₹327.24 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹638 – ₹672 |
| Market Lot | 22 Shares |
| Min Order | 22 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Employee Discount | Rs 32 Per Share |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
IdeaForge Technology IPO – Date Schedule
| IPO Open Date | 26 June 2023 |
| IPO Close Date | 30 June 2023 |
| Basis of Allotment Date | 05 July 2023 |
| Initiation of Refunds | 06 July 2023 |
| Credit of Shares to Demat Account | 06 July 2023 |
| IPO Listing Date | 07 July 2023 |
IdeaForge Technology IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 22 | 14,784 |
| Retail (Max) | 13 | 286 | 1,92,192 |
| S-HNI (Min) | 14 | 308 | 2,06,976 |
| S-HNI (Max) | 67 | 1474 | 9,90,528 |
| B-HNI (Min) | 68 | 1496 | 10,05,312 |
Competitive Strengths
- Pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage;
- Diversified product portfolio with a robust technology stack and track record of successful outcomes in critical use cases;
- Strong relationships with a diverse customer base;
- Significant product development capabilities powering company’s software and solutions and product differentiators;
- In-house design to delivery capabilities; and
- Strong management capabilities with a demonstrated track record of delivering robust financial performance.
Company Promoters
- Ankit Mehta
- Rahul Singh
- Ashish Bhat
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2020 | 16.32 | 29.76 | -13.44 |
| 31 March 2021 | 36.33 | 50.83 | -14.62 |
| 31 March 2022 | 161.44 | 111.27 | 44.00 |
| 31 March 2023 | 196.40 | 155.60 | 31.98 |
Object Of The Issue
- Repayment/prepayment of certain indebtedness availed by the Company.
- Funding working capital requirements.
- Investment in product development.
- General corporate purposes.
IdeaForge Technology IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 10 | MTR Technologies Limited | 82.73 |
| 2 | 2 | Data Patterns India Limited | 66.32 |
| 3 | 2 | Astra Microwave Products | 59.02 |
IdeaForge Technology IPO Strengths
- The company is a pre-eminent market leader in the Indian UAV space having indigenous technology and an in-house manufacturing facility.
- They are one of the few vendors to have full-stack UAV solutions.
- They serve a diverse base of 265 customers.
IdeaForge Technology IPO Risks
- The industry in India is highly regulated, and failing to comply with regulations may impact the company’s operational and financial performance.
- Investors should invest with knowledge and understanding of the industry.
- The industry requires fulfilling significant licensing requirements.
IdeaForge Technology IPO Promoter Holding
| Pre Issue Share Holding | 33.97% |
| Post Issue Share Holding | 30.68% |
IdeaForge Technology IPO Prospectus
Company Contact Information
| IdeaForge Technology Limited EL-146, TTC Industrial Area, Electronic Zone MIDC, Mahape, Navi Mumbai, Thane 400 710, Maharashtra, India Phone: +91 226787 5000 Email: compliance@ideaforgetech.com Website: www.ideaforgetech.com |
IdeaForge Technology IPO Registrar
| Link Intime India Private Limited Phone: +91 810 811 4949 Email: ideaforge.ipo@linkintime.co.in Website: www.linkintime.co.in |
IdeaForge Technology IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Securities Limited |
IdeaForge Technology IPO FAQs
| What is IdeaForge Technology IPO? IdeaForge Technology IPO is a main-board IPO. The issue is priced at ₹638 to ₹672 per equity share. The IPO is to be listed on BSE & NSE. |
| When IdeaForge Technology IPO will open? The IPO is to open on 26 June 2023 for QIB, NII, and Retail Investors. |
| What is IdeaForge Technology IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the IdeaForge Technology IPO? You can apply IdeaForge Technology IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the IdeaForge Technology IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “IdeaForge Technology”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the IdeaForge Technology IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “IdeaForge Technology”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the IdeaForge Technology IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “IdeaForge Technology”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the IdeaForge Technology IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “IdeaForge Technology”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is IdeaForge Technology IPO Size? IdeaForge Technology IPO size is ₹567.24 Cr. |
| What is IdeaForge Technology IPO Price Band? IdeaForge Technology IPO Price Band is ₹638 to ₹672. |
| What is IdeaForge Technology IPO Minimum and Maximum Lot Size? The minimum bid is 22 Shares with ₹14,784 amount while the maximum bid is 286 shares with ₹1,92,192. |
| What is the IdeaForge Technology IPO Allotment Date? IdeaForge Technology IPO allotment date is 05 July 2023. |
| What is the IdeaForge Technology IPO Listing Date? IdeaForge Technology IPO listing date is 07 July 2023. The IPO is to list on BSE and NSE. |
