IDEA FORGE TECHNOLOGY LIMITED
₹ 638 - ₹ 672
26-Jun-2023 - 30-Jun-2023
₹ 14784.00

/ 22 Shares

IDEA FORGE TECHNOLOGY LIMITED

26-Jun-2023 - 30-Jun-2023

₹ 638 - ₹ 672

Price Band

₹ 14784.00

Minimum Investment

22

Bid Lot

8,441,764

Shares

IPO Details

Fresh Issue of Equity Shares aggregating upto Rs 240 Crore and Offer for Sale of 4,869,712 Equity Shares

Category % Shares/Amount
QIB 75% 6,321,490 Shares Rs. 424.80 Cr
HNI 1 5% 421,433 Shares Rs. 28.32 Cr @ 1368 Forms 1x
HNI 2 10% 842,864 Shares Rs. 56.64 Cr @ 2736 Forms 1x
Retail 10% 842,865 Shares Rs. 56.64 Cr @ 38309 Forms 1x
Employee 0% 13,112 Shares Rs.0.88 Cr

BRLMs: JM Financial, IIFL Securities

Application Require for 1 Time

Retail (Upto 2 Lakh) HNI (2 Lakh to 10 Lakh) HNI (Above 10 Lakh)
38309 1368 2736

IPO Lot Size

Category Lots Shares Amount
Retail (Upto 2 Lakh) 1 22 ₹ 14,784
Retail (Upto 2 Lakh) 13 286 ₹ 192,192
S-HNI (2 Lakh to 10 Lakh) 14 308 ₹ 206,976
S-HNI (2 Lakh to 10 Lakh) 67 1474 ₹ 990,528
B-HNI (Above 10 Lakh) 68 1496 ₹ 1,005,312

IPO Timeline

  • Open Date

    26-Jun-2023

  • Close Date

    30-Jun-2023

  • Basis of Allotment Date

    04-Jul-2023

  • Initiation of Refunds

    05-Jul-2023

  • Credit Shares to Demat A/c

    06-Jul-2023

  • IPO Listing Date

    07-Jul-2023

Subscription as on
30-Jun-2023 23:12

Category Book Size Subscription No. of Times
QIB 2,528,596 ₹ 169.92 Cr. 318,111,376 ₹ 21377.08 Cr. 125.81x
HNI (<10 LAKH) 421,433 ₹ 28.32 Cr. 32,773,972 ₹ 2202.41 Cr. 77.77x
HNI2 (>10 LAKH) 842,864 ₹ 56.64 Cr. 69,107,412 ₹ 4644.02 Cr. 81.99x
RETAIL 842,865 ₹ 56.64 Cr. 71,815,282 ₹ 4825.99 Cr. 85.20x
EMP 13,112 ₹ 0.88 Cr. 1,267,332 ₹ 85.16 Cr. 96.65x
Total 4,648,870 493,075,374 106.06x
Category Book Size Subscription No. of Times
QIB 2,528,596 ₹ 169.92 Cr. 318,111,376 ₹ 21377.08 Cr. 125.81x
HNI (<10 LAKH) 421,433 ₹ 28.32 Cr. 32,773,972 ₹ 2202.41 Cr. 77.77x
HNI2 (>10 LAKH) 842,864 ₹ 56.64 Cr. 69,107,412 ₹ 4644.02 Cr. 81.99x
RETAIL 842,865 ₹ 56.64 Cr. 71,815,282 ₹ 4825.99 Cr. 85.20x
EMP 13,112 ₹ 0.88 Cr. 1,267,332 ₹ 85.16 Cr. 96.65x
Total 4,648,870 493,075,374 106.06x

*Excluding Anchor

Total No. of Application Approx : ~2431250 (63.46 Appwise)

Disclaimer: The above-mentioned information / data are sourced from the websites of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) and are subject to change on real time basis. For updated information / data you can visit their respective website. The information / data provided herein above are for information purpose only and provided "AS IS" and "AS AVAILABLE" basis and without warranty, express or implied. We do not guarantee or warrant the accuracy, adequacy or completeness of the information received through the said websites. “We” hold not responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. “We” including its affiliates and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of information / data received through the said websites. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of such information / data. All recipients should before acting upon the said information make their own investigation, seek appropriate professional advice.

About Company

  • ideaForge Technology Limited (ideaForge) was incorporated on February 8, 2007. ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market, with a market share of approximately 50% in Fiscal 2022. They had the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every 5 minutes on average for surveillance and mapping as of Fiscal 2023.
  • ideaForge ranked 7th globally in the dual-use category (civil and defence) drone manufacturers as of December 2022. They have grown at a CAGR of 137.47% in terms of revenue from operations over the last 3 Fiscals, with a Return on Capital Employed of 12.51% in Fiscal 2023.
  • They have a broad range of products with feature-based differentiation such as weight class (approximately 2-7 kg), endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000 meters), communication range (approximately 2-15 km), payload types, etc.
  • Company’s product portfolio consists of Hardware, Software and embedded sub-systems and Solutions. Their growth over the years is attributable to their indigenous design and technological capabilities, ability to invent, design and deliver customer centric offerings (i.e., hardware, software, and solutions) and their vertically integrated operations.
  • In addition to being among the 1st few players in India to enter the UAV market, ideaForge also has the distinction of being the 1st company to indigenously develop and manufacture vertical take-off and landing (VTOL) UAVs in India in 2009. They are also the 1st company to participate in the demonstration of 5G enabled UAVs at the Indian Mobile Congress in 2018.
  • ‘SWITCH UAV’ – company’s product, won the largest mini-VTOL UAV contract in March 2022, against global competitors.
  • Beyond the UAVs, ideaForge undertake a full integration of their payloads, communication system and packaging. ideaForge also build their own software stack required for flight safety, autopilot sub-system, battery, power, and communication in their UAVs.
  • ideaForge has raised funding from various investors including Infosys Ltd, Qualcomm Asia Pacific Pte. Ltd., Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Florintree Enterprise LLP, Export Import Bank of India and Infina Finance Pvt Ltd over the years.
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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 the 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 the 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

Company Promoters

Srikanth Velamakanni is the Chairman and Independent Director of the company. Ankit Mehta is the Chief Executive Officer and Whole-Time Director of the company. Rahul Singh is the Vice President-Engineering and Whole-Time Director of the company. Ashish Bhat is the Vice President-Research & Development and Whole-Time Director of the company. Ganapathy Subramaniam is the Non-Executive Nominee Director of the company. Mathew Cyriac is the Non-Executive Nominee Director of the company. Sutapa

Company Financials

 

ideaForge Technology Limited Financial Information (Restated Consolidated)
Period Ended Total Assets Total Revenue Profit After Tax Net Worth Reserves and Surplus Total Borrowing
31-Mar-20 79.79 16.32 -13.45 68.12 68.05 5.30
31-Mar-21 123.74 36.34 -14.63 59.63 59.63 50.57
31-Mar-22 222.33 161.45 44.01 163.30 110.28 5.68
31-Mar-23 487.93 196.40 31.99 324.72   86.50
Amount in ? Crore

Objects of the Issue

  1. Repayment/prepayment of certain indebtedness availed by the company.
  2. Funding working capital requirements.
  3. Investment in product development, and
  4. General corporate purposes.

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