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ideaForge Technology IPO is a book built issue of Rs 567.29 crores. The issue is a combination of fresh issue of 0.36 crore shares aggregating to Rs 240.00 crores and offer for sale of 0.49 crore shares aggregating to Rs 327.25 crores.
ideaForge Technology IPO bidding started from June 26, 2023 and ended on June 30, 2023. The allotment for ideaForge Technology IPO was finalized on Wednesday, July 5, 2023. The shares got listed on BSE, NSE on July 7, 2023.
ideaForge Technology IPO price band is set at ₹638 to ₹672 per share. The minimum lot size for an application is 22 Shares. The minimum amount of investment required by retail investors is ₹14,784. The minimum lot size investment for sNII is 14 lots (308 shares), amounting to ₹206,976, and for bNII, it is 68 lots (1,496 shares), amounting to ₹1,005,312.
The issue includes a reservation of up to 13,112 shares for employees offered at a discount of Rs 32 to the issue price.
Jm Financial Limited and Iifl Securities Ltd are the book running lead managers of the ideaForge Technology IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to ideaForge Technology IPO RHP for detailed information.
| IPO Date | June 26, 2023 to June 30, 2023 |
| Listing Date | July 7, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹638 to ₹672 per share |
| Lot Size | 22 Shares |
| Total Issue Size | 8,441,764 shares (aggregating up to ₹567.29 Cr) |
| Fresh Issue | 3,572,052 shares (aggregating up to ₹240.00 Cr) |
| Offer for Sale | 4,869,712 shares of ₹10 (aggregating up to ₹327.25 Cr) |
| Employee Discount | Rs 32 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding post issue | 41,670,611 |
ideaForge Technology IPO offers 4,648,870 shares. 2,528,596 (54.39%) to QIB, 1,264,297 (27.20%) to NII, 842,865 (18.13%) to RII, 13,112 (0.28%) to employees. 38,312 RIIs will receive minimum 22 shares and 1,368 (sNII) and 2,736 (bNII) will receive minimum 308 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 2,528,596 (54.39%) | NA |
| NII (HNI) Shares Offered | 1,264,297 (27.20%) | |
| bNII > ₹10L | 842,864 (18.13%) | 2,736 |
| sNII < ₹10L | 421,433 (9.07%) | 1,368 |
| Retail Shares Offered | 842,865 (18.13%) | 38,312 |
| Employee Shares Offered | 13,112 (0.28%) | NA |
| Total Shares Offered | 4,648,870 (100%) |
ideaForge Technology IPO opens on June 26, 2023, and closes on June 30, 2023.
| IPO Open Date | Monday, June 26, 2023 |
| IPO Close Date | Friday, June 30, 2023 |
| Basis of Allotment | Wednesday, July 5, 2023 |
| Initiation of Refunds | Thursday, July 6, 2023 |
| Credit of Shares to Demat | Friday, July 7, 2023 |
| Listing Date | Friday, July 7, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 30, 2023 |
Investors can bid for a minimum of 22 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| 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 |
| Lot Size Calculator | |||
The promoters of the company are Mr. Ankit Mehta, Mr. Rahul Singh, and Mr. Ashish Bhat.
| Share Holding Pre Issue | 33.37% |
| Share Holding Post Issue | 30.19% |
Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).
The company manufactures Unmanned Aircraft Vehicles for Mapping, Security & Surveillance. These drones are capable of a wide range of mining area planning, and mapping applications. ideaForge UAVs help construction and real estate boost their operations. They also assist defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders.
ideaForge has two main software, namely:
The company is a market leader in the Indian Unmanned Aircraft Systems ("UAS") market with a market share of approximately 50% in fiscal 2022. It has the largest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes for surveillance and mapping on average.
The company has been ranked 7th globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2022.
| 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 | ||||||
The market capitalization of ideaForge Technology IPO is Rs 2800.2 Cr.
| KPI | Values |
|---|---|
| ROE | 13.11% |
| ROCE | 12.51% |
| Debt/Equity | 0.27 |
| RoNW | 9.85% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.12 | |
| P/E (x) | 87.5 |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[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...
The ideaForge Technology IPO is subscribed 106.06 times on June 30, 2023 7:02:00 PM. The public issue subscribed 85.20 times in the retail category, 125.81 times in the QIB category, and 80.58 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 125.81 |
| NII | 80.58 |
| bNII (bids above ₹10L) | 81.99 |
| sNII (bids below ₹10L) | 77.77 |
| Retail | 85.20 |
| Employee | 96.65 |
| Total | 106.06 |
Total Application : 2,509,004 (65.49 times)
| Listing Date | July 7, 2023 |
| BSE Script Code | 543932 |
| NSE Symbol | IDEAFORGE |
| ISIN | INE349Y01013 |
| Final Issue Price | ₹672 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹672.00 |
| ₹1,305.10 |
| ₹1,257.80 |
| ₹1,344.00 |
| ₹1,295.50 |
| NSE |
|---|
| ₹672.00 |
| ₹1,300.00 |
| ₹1,260.00 |
| ₹1,343.95 |
| ₹1,294.95 |
ideaForge Technology Limited
EL-146 TTC Industrial Area,
Electronic Zone, MIDC Mahape,
Navi Mumbai – 400 710
Phone: +91 84476 12778
Email: business@ideaforgetech.com
Website: https://ideaforgetech.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: ideaforgetechnology.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
ideaForge Technology IPO is a main-board IPO of 8,441,764 equity shares of the face value of ₹10 aggregating up to ₹567.29 Crores. The issue is priced at ₹638 to ₹672 per share. The minimum order quantity is 22 Shares.
The IPO opens on June 26, 2023, and closes on June 30, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in ideaForge Technology IPO using UPI as a payment gateway. Zerodha customers can apply in ideaForge Technology IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in ideaForge Technology IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The ideaForge Technology IPO opens on June 26, 2023 and closes on June 30, 2023.
ideaForge Technology IPO lot size is 22 Shares, and the minimum amount required is ₹14,784.
You can apply in ideaForge Technology IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for ideaForge Technology IPO will be done on Wednesday, July 5, 2023, and the allotted shares will be credited to your demat account by Friday, July 7, 2023. Check the ideaForge Technology IPO allotment status.
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Here is the BoA of Ideaforge for SHNI Category: