ideaForge IPO Details ( ideaForge Technology Limited IPO Review )
(26 Jun 2023 – 28 Jun 2023)
Established in 2007, ideaForge Technology Limited specializes in the production of Unmanned Aircraft Systems (UAS). The company’s primary focus is manufacturing Unmanned Aircraft Vehicles designed for Mapping, Security, and Surveillance purposes. These drones possess versatile capabilities for mining area planning and mapping applications. By utilizing ideaForge UAVs, the construction and real estate sectors enhance their operational efficiency, while defense forces benefit from conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders.
ideaForge offers two key software solutions:
- BlueFire Live!: This software facilitates secure and real-time streaming of UAV video feeds and enables remote payload control from a command center.
- BlueFire Touch: Serving as a Ground Control Software (GCS), BlueFire Touch allows users to plan and execute mapping and surveillance missions. It includes the ability to pre-plan missions based on operational areas and target locations, utilizing waypoint-based navigation.
Within the Indian market for Unmanned Aircraft Systems (UAS), ideaForge holds a dominant position, boasting a market share of approximately 50% in fiscal year 2022. The company’s drones have achieved the largest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes on average for surveillance and mapping purposes.
In December 2022, Drone Industry Insights published a report ranking ideaForge as the 7th leading global manufacturer of dual-use drones, encompassing both civil and defense applications.
ideaForge Technology Limited Company Product
- Hardware
- NINJA UAV
- RYNO UAV
- Q4i
- Q6
- NETRA V4+ UAV
- SWITCH UAV
- Software and embedded sub-systems
- BlueFire Touch
- Autopilot
- Solutions
- BlueFire MapAssist
- BlueFire Live!
- Surveillance Pro
- Geographic Information System (“GIS”) Pro
ideaForge Technology Limited IPO Competitive Strength
- 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 our software and solutions and product differentiators
- In-house design to delivery capabilities
- Strong management capabilities with a demonstrated track record of delivering robust financial performance
- Continue to invest in product innovation, engineering and design
- Expanding into international markets
- Expand our product portfolio and cater to new end-use applications and industries
- Focus on indigenisation
- Expand business services and software revenue through ‘as a Service’ offerings
- Pursue strategic investment and acquisition opportunities
ideaForge Tech IPO Financials Performance ( Results )
ideaForge Technology Limited Financial Information ( Restated Consolidated )
All Amount in ₹ Crores
| Period Ended | Total Assets | Total Revenue | PAT | EPS (₹) | Net Worth | NAV (₹) | Reserves | Borrowing |
| 31-Mar-20 | 79.79 | 16.32 | -13.45 | -4.68 | 68.12 | 23.70 | 68.05 | 5.30 |
| 31-Mar-21 | 123.74 | 36.34 | -14.63 | -5.03 | 59.63 | 20.57 | 59.63 | 50.57 |
| 31-Mar-22 | 222.33 | 161.45 | 44.01 | 13.84 | 163.30 | 51.36 | 110.28 | 5.68 |
| 31-Mar-23 | 487.93 | 196.40 | 31.99 | 12.49 | 324.72 | – | – | 86.50 |
Objective of IPO Issue
- Repayment/prepayment of certain indebtedness availed by the company (₹50 Crores)
- Funding working capital requirements (₹135 Crores)
- Investment in product development (₹40 Crores)
- General corporate purposes
ideaForge Technology IPO Basic Details
| IPO Date | Jun 26, 2023 to Jun 28, 2023 |
| Listing Date | Friday, 7 July 2023 |
| Face Value | ₹10 per share |
| Price | ₹638 to ₹672 per share |
| Lot Size | 22 Shares |
| Issue Size | [.] shares (aggregating up to ₹567.00 Cr) |
| Fresh Issue | [.] shares (aggregating up to ₹240.00 Cr) |
| Offer for Sale | 4,869,712 shares of ₹10 (aggregating up to ₹327.00 Cr) |
| Employee Discount | ₹32 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE, BSE |
| Share holding pre issue | 38,098,559 |
| Company Promoters | Ankit Mehta, Rahul Singh And Ashish Bhat |
ideaForge Technology IPO Reservation
| QIB Shares Offered | 75% of the Net Issue |
| NII (HNI) Shares Offered | 15% of the Net Issue |
| Retail Shares Offered | 10% of the Net Issue |
ideaForge Tech IPO Timetable
ideaForge Technology IPO will open on June 26, 2023 and close on June 28, 2023. You can join ideaForge Technology IPO at 10.00 A.M. to 5.00 p.m. Upto which mandate can be applied.
| Event | Date |
| Opening Date | 26 June 2023 (Monday) |
| Closing Date | 28 June 2023 (Thursday) |
| Basis of Allotment | 4 July 2023 (Tuesday) |
| Initiation of Refunds | 5 July 2023 (Wednesday) |
| Credit of Shares to Demat | 6 July 2023 (Thursday) |
| Listing Date | 7 July 2023 (Friday) |
ideaForge Technology IPO Lot Size
For retail investors in ideaForge Technology IPO, 22 shares will come in 1 lot or the minimum investment will be ₹14,784. Retail-individual investors can apply for up to 1 lots or the maximum investment will be ₹192,192.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 22 | ₹14,784 |
| Retail (Max) | 13 | 286 | ₹192,192 |
| S-HNI (Min) | 14 | 308 | ₹206,976 |
| S-HNI (Max) | 67 | 1,474 | ₹990,528 |
| B-HNI (Min) | 68 | 1,496 | ₹1,005,312 |
ideaForge Technology IPO Promoter Holding
| Pre Issue Share Holding | 33.37% |
| Post Issue Share Holding | – |
ideaForge Technology IPO Valuation – FY2022
| Earning Per Share (EPS) | ₹7.6 per Equity Share |
| Price/Earning P/E Ratio | 87.54 |
| Return on Net Worth (RoNW) | 9.83% |
| Net Asset Value (NAV) | ₹9.83 per Equity Share |
| Upper Price/Book Value (Price/BV) Ratio | Coming Soon |
ideaForge Technology Ltd Key Performance Indicator
| KPI | Values |
| Market Cap (₹ Cr.) | 2800.2 |
| P/E (x) | 87.54 |
| ROE (%) | 13.11 |
| ROCE (%) | 12.51 |
| Debt/Equity | Coming Soon |
ideaForge Technology Ltd Peer Comparison
| Company Name | Consolidated/ Standalone | Face Value | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) |
| ideaForge Technology Limited | Consolidated | 10 | 13.84 | 87.54 | 26.95 | 51.36 |
| Peer Group | ||||||
| MTR Technologies Limited | Consolidated | 10 | 19.79 | 82.73 | 11.71 | 168.97 |
| Data Patterns India Limited | Consolidated | 2 | 19.48 | 66.32 | 16.36 | 119.08 |
| Astra Microwave Products | Consolidated | 2 | 4.37 | 59.02 | 6.47 | 67.61 |
ideaForge Technology IPO GMP Live Update, Kostak Rate day by day
| Date | GMP | Kostak | Subject to |
| 6 July 2023 | ₹515 | – | – |
| 5 July 2023 | ₹510 | – | – |
| 4 July 2023 | ₹520 | – | – |
| 3 July 2023 | ₹510 | – | – |
| 2 July 2023 | ₹530 | – | – |
| 1 July 2023 | ₹510 | – | – |
| 30 June 2023 | ₹510 | – | – |
| 29 June 2023 | ₹510 | – | – |
| 28 June 2023 | ₹530 | – | – |
| 27 June 2023 | ₹510 | – | – |
| 26 June 2023 | ₹530 | – | – |
| 25 June 2023 | ₹475 | – | – |
| 24 June 2023 | ₹470 | – | – |
ideaForge Technology IPO Detail Video:
ideaForge Technology IPO Subscription Status (Bidding Detail)
The ideaForge Technology IPO on June 30, 2023 at 7:29:00 PM was subscribed 106.06 times, with the retail category being subscribed 85.20 times, the NII (Non-Institutional Investor) category being subscribed 80.58 times and the QIB (Qualified-Institutional Buyers) category being subscribed 125.81 times.
| Category | Subscription |
| QIB | 125.81x |
| NII | 80.58x |
| Retail | 85.20x |
| Employee | 96.65x |
| Total | 106.06x |
IdeaForge Issue Closing Update
Date: 28th June, 2023
The company has asked SEBI for more time to continue the offer until June 30. The offer will still be open on June 29, even if it’s a holiday or the securities exchanges are closed. However, the stock exchange won’t accept any bids on June 29.
ideaForge Technology IPO Prospectus
ideaForge Technology IPO Rating
| Our Rating | 4.0/5.0 |
ideaForge Technology Company Contact Information
ideaForge Technology Limited
Corporate Identity Number: U31401MH2007PLC167669
Registered Office: EL-146, TTC Industrial Area, Electronic Zone MIDC,
Mahape, Navi Mumbai, Thane 400 710, Maharashtra, India
Contact Person: Sonam Gupta, Company Secretary and Compliance Officer
Tel.: +91 22-67875000
E-mail: compliance@ideaforgetech.com
Website: www.ideaforgetech.com
Promoters Of Our Company: Ankit Mehta, Rahul Singh And Ashish Bhat
ideaForge Technology IPO Registrar
Link Intime India Private Limited
Registered Office: C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West Mumbai 400 083, Maharashtra, India
Tel: +91 810 811 4949
E-mail: ideaforge.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance e-mail: ideaforge.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
ideaForge Technology IPO Lead Manager
JM Financial Limited
Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg
Prabhadevi, Mumbai 400 025, Maharashtra, India
Tel.: +91 22 6630 3030
E-mail: ideaforge.ipo@jmfl.com
Investor grievance email: grievance.ibd@jmfl.com
Contact person: Prachee Dhuri
Website: www.jmfl.com
SEBI Registration No.: INM000010361
IIFL Securities Limited
Registered Office: 10th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg,
Lower Parel (West), Mumbai 400 013, Maharashtra, India
Tel: +91 22 4646 4728
E-mail: ideaforge.ipo@iiflcap.com
Investor grievance e-mail: ig.ib@iiflcap.com
Contact person: Pawan Jain/ Shirish Chikalge
Website: www.iiflcap.com
SEBI Registration No.: INM000010940
NimideaForge Technology bark IPO FAQs
What is the lot size of ideaForge Technology IPO?
The total size of ideaForge Technology IPO is ₹567 crores out of which ₹240 crores is fresh issue and ₹327 crores is offer for sale (OFS).
When will ideaForge Technology IPO start?
ideaForge Technology IPO will Open from 26 June 2023 and IPO will Close on 28 June 2023.
What is the open date of ideaForge Technology IPO?
ideaForge Technology IPO will open date from 26 June 2023.
What is the last date ( close date ) of ideaForge Technology IPO?
ideaForge Technology IPO will close from 28 June 2023.
What is the price band of ideaForge Technology IPO?
ideaForge Technology IPO price band is ₹638 to ₹672. ( Upper Price Band: ₹672, Lower Price Band: ₹638 )
What is the minimum amount required to apply for ideaForge Technology IPO?
The minimum investment for retailers to apply for ideaForge Technology IPO is ₹14,784 and the maximum investment is ₹192,192.
What is going on gray market premium of ideaForge Technology IPO?
View gray market premium of ideaForge Technology IPO by Clicking Here
How much is the GMP of ideaForge Technology IPO?
Watch ideaForge Technology IPO GMP Today: Click Here
What is the allotment date of ideaForge Technology IPO?
The allotment date of ideaForge Technology IPO is 4 July 2023.
How to check allotment status in ideaForge Technology IPO?
To check the allotment status of ideaForge Technology IPO, first of all go to the registrar website by clicking here, select your bad ideaForge Technology IPO name or enter your bad application number, PAN number or client ID and click on submit. ( Video Link )
What is the listing date of ideaForge Technology IPO?
The listing date of ideaForge Technology IPO is 7 July 2023.
How much will be the listing gain in ideaForge Technology IPO?
View listing gain of ideaForge Technology IPO by Clicking Here
How much time ideaForge Technology IPO is subscribed?
Total 106.06 times subscribed in ideaForge Technology IPO out of which 85.20 times subscription was done in retail quota, 80.58 times subscription in NII quota and 125.81 times subscription in QIB quota.
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