ideaForge IPO

ideaForge Technology IPO | Review

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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.


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.



Ankit Mehta – 9.51%Ashish Bhat – 9.14%
Rahul Singh – 9.24%

Promoter Holding

Pre-Issue Shareholding – 33.37%Post-Issue Shareholding – 

Strength & Weakness

Market leader in the Indian UAS industryDepends on a single manufacturing facility
Diversified product portfolioNegative cash flows from operating activities
Strong relationships with customersLengthy working capital cycle in the past
Diverse customer baseProducts are complex 
Significant product development capabilitiesDepends on single manufacturing facility
In-house design to delivery capabilitiesHighly regulated industry


Raphe MphibrAEREO
Throttle Aerospace SystemsSagar Defence Engineering
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Company Financials

YearRevenue (in Crore)Profit (in Crore)

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

Retail (Min)122Rs.14,784
Retail (Max)13286Rs.1,92,192
S-HNI (Min)14308Rs.2,06,976
B-HNI (Max)681496Rs.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 Sale48,69,712 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 DateJune 26-29, 2023
Allotment DateJuly 04, 2023
Initiation of RefundsJuly 05, 2023
Credit of share to Demat a/cJuly 06, 2023
IPO Listing DateJuly 07, 2023

Allotment Status

Link Intime –

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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