ideaForge Technology Limited has come up with an initial public offer (IPO). It will open on June 26-29, 2023 at Rs.638-672 a share. The IPO issue size is around Rs.567 crores. The minimum bid will be for 22 shares and in its multiples thereafter.
Overview
IdeaForge Technology Limited was incorporated in the year 2007. It is a company that specializes in the development and manufacturing of unmanned aerial vehicles (UAVs), also known as drones. Based in India, the company focuses on creating cutting-edge drone solutions for a variety of industries and applications. IdeaForge’s drones are designed to be highly reliable, efficient, and versatile, catering to the needs of defense, homeland security, and industrial sectors.
IdeaForge is a market leader in the Indian Unmanned Aircraft Systems (“UAS”) market with a market share of 50% in 2022. The company’s drones are equipped with advanced features such as long endurance, real-time video transmission, autonomous flight capabilities, and high-resolution imaging. IdeaForge has established itself as a leader in the Indian drone market, providing innovative and reliable drone solutions to its customers. ideaForge has two main software, namely: 1) BlueFire Live. 2) BlueFire Touch.
Website – https://www.ideaforgetech.com/
Promoters
| Ankit Mehta – 9.51% | Ashish Bhat – 9.14% |
| Rahul Singh – 9.24% |
Promoter Holding
| Pre-Issue Shareholding – 33.37% | Post-Issue Shareholding – |
Strength & Weakness
| Strengths | Weaknesses |
| Market leader in the Indian UAS industry | Depends on a single manufacturing facility |
| Diversified product portfolio | Negative cash flows from operating activities |
| Strong relationships with customers | Lengthy working capital cycle in the past |
| Diverse customer base | Products are complex |
| Significant product development capabilities | Depends on single manufacturing facility |
| In-house design to delivery capabilities | Highly regulated industry |
Competitors
| Raphe Mphibr | AEREO |
| Throttle Aerospace Systems | Sagar Defence Engineering |
| Roter Precision Instruments |
Company Financials
| Year | Revenue (in Crore) | Profit (in Crore) |
| 31-Mar-2020 | 16.32 | -13.45 |
| 31-Mar-2021 | 36.34 | -14.63 |
| 31-Mar-2022 | 161.45 | 44.01 |
| 31-Mar-2023 | 196.40 | 31.99 |
Objects of Issue
1) Repayment/prepayment of certain indebtedness availed by our Company;
2) Funding working capital gap;
3) Investment in product development; and
4) General corporate purposes.
ideaForge Technology IPO Lot Size
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 22 | Rs.14,784 |
| Retail (Max) | 13 | 286 | Rs.1,92,192 |
| S-HNI (Min) | 14 | 308 | Rs.2,06,976 |
| B-HNI (Max) | 68 | 1496 | Rs.10,05,312 |
ideaForge Technology IPO Details
| IPO Opening Date | June 26, 2023 |
| IPO Closing Date | June 29, 2023 |
| Face Value | Rs.10 per Equity Share |
| IPO Price | Rs.638-672 per share |
| Market Lot | 22 shares |
| Minimum Order Quantity | 22 shares |
| Listing At | NSE, BSE |
| Fresh Issue | – |
| Offer for Sale | 48,69,712 shares |
| Issue Size | Up to Rs.567.00 Crore |
| QIB Shares Offered | 75% of the offer |
| Retail Shares Offered | 15% of the offer |
| NII/HNI Shares Offered | 10% of the offer |
ideaForge Technology IPO Timetable
| IPO Date | June 26-29, 2023 |
| Allotment Date | July 04, 2023 |
| Initiation of Refunds | July 05, 2023 |
| Credit of share to Demat a/c | July 06, 2023 |
| IPO Listing Date | July 07, 2023 |
Allotment Status
Link Intime – https://linkintime.co.in/
Book Lead Managers
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