June 26, 2023 - June 30, 2023

ideaForge Technology IPO Review & Recommendations

Anand Rathi, Arihant Capital Markets Ltd, BP Equities (BP Wealth), Choice Equity Broking Pvt Ltd, GEPL Capital Ltd, Hem Securities, HENSEX Securities, Indsec Securities, Marwadi Shares and Finance Ltd, Motilal Oswal, Nirmal Bang, Reliance Securities, SBICAP Securities Limited and Swastika Investmart Ltd have given "Apply" recommendation to ideaForge Technology IPO. Capital Market and Dilip Davda have given "May Apply" recommendation to ideaForge Technology IPO. Axis Capital, Kotak Securities and Sharekhan Limited have "Not Rated" the IPO.

ideaForge Technology IPO Review Summary from brokers and analysts

Review By	Apply	May Apply	Neutral	Avoid	Not Rated
Count	14	2	0	0	3
%	73.68	10.53	0.00	0.00	15.79

ideaForge Technology IPO Analysis By Brokers/Analysts

Reviewer	Recommendation	Past Reviews
Anand Rathi	Apply
Arihant Capital Markets Ltd	Apply
Axis Capital	Not Rated
BP Equities (BP Wealth)	Apply
Capital Market	May Apply
Choice Equity Broking Pvt Ltd	Apply
Dilip Davda	May Apply
GEPL Capital Ltd	Apply
Hem Securities	Apply
HENSEX Securities	Apply
Indsec Securities	Apply
Kotak Securities	Not Rated
Marwadi Shares and Finance Ltd	Apply
Motilal Oswal	Apply
Nirmal Bang	Apply
Reliance Securities	Apply
SBICAP Securities Limited	Apply
Sharekhan Limited	Not Rated
Swastika Investmart Ltd	Apply

ideaForge Technology IPO Capital Market Rating

The Captial Market (CapitalMarket.com) rating for ideaForge Technology IPO is 45. Their analysis recommends May subscribe for the IPO.

Reviewer	Rating Score	Rating
Capital Market	45	May subscribe

ideaForge Technology IPO Review by Dilip Davda (May apply)

[Dilip Davda] The company is the Indian leader in the UAS segment. It has posted growth in its top lines but for FY23, its bottom line marked decline due to ESOP impact. Though based on FY23 performance, the issue appears aggressively priced, well-informed/cash surplus investors may consider parking funds for long-term rewards. Read detail review...

ideaForge Technology IPO Peer Comparison

ideaForge Technology Limited peer comparison with similar listed entities. (Consolidated) (As on March 31, 2023)

Company Name	EPS (Rs)		NAV (per share) (Rs)	P/E (x)	RoNW (%)
Company Name	EPS Basic	EPS Diluted	NAV (per share) (Rs)	P/E (x)	RoNW (%)
ideaForge Technology Limited	8.55	8.12	86.81		9.85
MTAR Technologies Limited	33.62	33.62	201.60	57.08	16.68
Data Patterns India Limited	23.80	23.80	224.00	72.83	10.62
Astra Microwave Products	8.06	8.06	74.17	43.88	10.87

Notes:

Net Asset Value per Equity Share is calculated as net worth attributable to equity shareholders as at the end of the Fiscal period/year divided by the weighted average number of Equity Shares used in calculating basic earnings per share.
All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on a standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the year ended March 31, 2023, submitted to Stock Exchanges.
P/E Ratio has been computed based on the closing market price of equity shares on BSE on June 14, 2023 divided by the Diluted EPS for the year ended March 31, 2023.
Return on Net Worth is computed as restated net profit / (loss) after tax attributable to equity holders of our Company divided by restated Net Worth for Equity Shareholders of our Company.

ideaForge Technology IPO Review by Members

ideaForge Technology IPO Reviews, analysis and views by popular members. Read ideaForge Technology Limited IPO reviews by retail investors to find recommended ipo to buy.

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ideaForge Technology IPO Review Summary by Members

Review By	Apply	May Apply	Neutral	Avoid
Count	15	0	0	0
%	100.00	0.00	0.00	0.00

Member	Review
Ajay Trivedi	Apply for Long Term at Upper Price Band The company is a market leader in the Indian Unmanned Aircraft Systems ("UAS") market with a market share of approximately 50% in fiscal 2022. The company has been ranked 7th globally in the dual-use category (civil and defense) drone manufacturers. The Stock is for portfolio. 1 June 23, 2023 5:52:35 PM
Ankit Dhakad	Apply for Long Term at Cut-off Price With increasing adoption in the defence, security and commercial sectors, the drone industry has seen significant growth in recent years. The future of this type of company is bright. So you can apply for both listing gains and long term hold in this IPO. 1 June 22, 2023 1:14:05 PM
B.M.SURANA IPO Guru (2700+ Posts, 5300+ Likes)	Apply for Listing Gain at Upper Price Band Daba kar Apply karo KhelaHobe 3 June 16, 2023 1:30:40 PM
Capital Investors	Apply for Long Term at Upper Price Band Next Generation company with technology . June 22, 2023 10:25:14 AM
Chem cho IPO Guru (2600+ Posts, 2700+ Likes)	Apply for Listing Gain at Cut-off Price listing gains , you can also hold 50% allotment for long term 1 June 26, 2023 10:26:45 AM
Crow IPO Mentor (900+ Posts, 1100+ Likes)	Apply for Listing Gain at Cut-off Price Other than the high asking price (P/E for 87) and being over-dependent on the defense sector, I don't see any negative in ideaForge. With a GMP that's inching closer to 100% and the mindblowing Dec 2022 listing of DroneAcharya, there is no reason not to ride this IPO euphoria. Retail allotment will be very tough so apply only on the 4th day to avoid locking your funds from now. Thanks. June 26, 2023 1:42:21 PM
HNISJao	Apply for Listing Gain at Upper Price Band Subscribe June 16, 2023 2:16:15 PM
Mahesh M ojha	Apply for Listing Gain at Upper Price Band ideaForge Technology Limited Hensex -OUTLOOK: Apply for Listing Gains as well as for Long Term Investment ideaForge Technology Limited is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) (Drone) market. It had a market share of approx 50% in Fiscal 2022 Ideaforge primarily cater to customers with applications for surveillance, mapping and surveying. Ideaforge ranked 7th globally in the dual-use category June 24, 2023 1:16:16 AM
MVP RAJKOT	Apply for Short Term at Upper Price Band Will get huge subscription. Try your luck June 20, 2023 12:27:52 AM
nbodara	Apply for Long Term at Upper Price Band growing market, low competition, heavy customer base, high end clients eg, mining, real estate, expanded use by police and armed forces. June 19, 2023 1:24:37 PM
newgen consultancy IPO Guru (3400+ Posts, 6600+ Likes)	Apply for Listing Gain at Upper Price Band The valuations after listing would be super expensive so exit in short term Can't afford at a PE of 130 June 26, 2023 9:29:55 PM
Palka IPO Mentor (1000+ Posts, 200+ Likes)	Apply for Listing Gain at Upper Price Band VERY GOOD COMPANY ... TRY TO APPLY IN BHNI... BETTER CHANCES OF ALLOTMENT June 26, 2023 12:53:37 PM
Raaj The Original	Apply for Long Term at Cut-off Price Lambi race ka ghoda June 21, 2023 12:14:42 AM
ShreeRam IPO	Apply for Long Term at Cut-off Price Storng Business potencial June 29, 2023 7:03:45 PM
Smile✍️ IPO Guru (1800+ Posts, 1100+ Likes)	Apply for Listing Gain at Upper Price Band Blind apply can hold for long term June 16, 2023 5:48:42 PM

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2 Comments

2. jagdish badokar Link|July 6, 2023 11:36:24 AM

Experts pls advise how many lots to apply in SHNI and BHNI category for higher chances of allocation. I mean what is the ratio w.r.t. to subscription. Thanks

1. Pankaj Kumar Srivastava Link|June 21, 2023 4:49:34 PM

Dear @ADMIN,
Can reccomendation of IPO Apply/avoid be allowed for IPO Mentor, IPO Guru only? They are expert can can guide us better.
Regds