ideaForge Technologies IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Jun 30, 2023ideaForge Technologies, a drone manufacturer, is to go public by the 26th of June 2023. According to the draft red herring prospectus (DRHP) of ideaForge Technologies IPO, the public offering includes a fresh issue of equity shares worth Rs.240 Cr and an offer for sale (OFS) of 48,69,712 equity shares by one of the promoters and existing shareholders.
This article summarizes the information available regarding the IPO. Read ahead the ideaForge Technologies IPO review to get all the necessary information.
| Face Value | Rs 10 |
| Price Band | Rs 638 to Rs 672 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 22 Shares |
| Listing Date | 7 July 2023 |
| Offer for Sale | Rs NA Crore |
| Fresh Issue | Rs 240.00 Crore |
| IPO Size | Rs 567.00 Crore |
| Tick Size | 1 |
ideaForge Technologies IPO Overview
As of present, there is little information available concerning the ideaForge Technologies IPO. But, before we get into the IPO details, let’s have a look at the company’s operations and presence.
The drone designer and manufacturer claimed a market share of almost 50% in Indian unmanned aircraft systems. The IPO includes new issues of Rs 240 Cr in shares as well as an offer-for-sale (OFS) in which the promoters and shareholders sell 48.7 lakh shares with a face value of Rs 10 each.
The proceeds of its new issuance will be used to repay/prepay certain obligations, support working capital requirements, and engage in product development and general business objectives.
ideaForge Technologies IPO Important Dates
| Events | Date |
| IPO Opening Date | 26 June 2023 |
| IPO Closing Date | 29 June 2023 |
| Basis of Allotment Finalization | 4 July 2023 |
| Refunds Initiation | 5 July 2023 |
| Credit of Shares to Demat Account | 6 July 2023 |
| Share Listing Date | 7 July 2023 |
The Ideaforge IPO dates were announced recently and investors need to be aware of them. The IPO open date is the 26th of June 2023 and the close date is the 28th of June 2023.
The basis of allotment, which determines the allocation of shares to investors, is scheduled for 4 July 2023. This step is crucial as it determines how many shares each investor will receive based on their subscription.
On 5 July 2023, refunds will be initiated for investors who did not receive any partial allotment. This ensures that funds are returned to those who were not allocated any shares or received fewer shares than they had applied for.
Subsequently, on 6 July 2023, the allotted shares will be credited to the demat accounts of the investors, allowing them to hold and trade the shares electronically.
Finally, the IPO listing date is set for 7 July 2023, when Ideaforge shares will be officially listed and available for trading on the stock exchange.
These dates mark significant milestones in the IPO process and are important for investors to keep track of for timely actions and to stay informed about the progress of the Ideaforge IPO.
ideaForge Technologies IPO Price, Size, Share Offerings
| Face Value | Rs 10 |
| Price Band | Rs 638 to Rs 672 |
| Offer for Sale | Rs NA Crore |
| Fresh Issue | Rs 240.00 Crore |
| IPO Size | Rs 567.00 Crore |
The ideaForge Technologies IPO size and the face value of each share are the following crucial information. Different interested parties can begin bidding for the shares based on the lot size.
According to the information provided, the company has registered for DRHP in the amount of Rs.567 Cr. The first Rs.240 Cr would be a new issuance, while the remaining will be an offer for sale.
The face value of each share remains at Rs.10 per share. The ideaForge Technologies IPO price band is not yet available. The above table will be updated as soon as the details are available.
ideaForge Technologies IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 21 Jun 2023 | Rs 550 | Rs 350 | Rs 4000 |
| 20 Jun 2023 | Rs 550 | Rs 350 | Rs 4000 |
| 19 Jun 2023 | Rs 550 | Rs 350 | Rs 4000 |
| 18 Jun 2023 | Rs 350 | Rs 350 | Rs 4000 |
| 15 Jun 2023 | Rs 400 | NA | NA |
The last tentative announced ideaForge Technologies IPO GMP is Rs. 550. The trading of the initial public offering (IPO) takes place in the grey market before the opening of bids.
Numerous HNIs and other institutional investors trade shares in this market, but they must pay a premium for the shares.
ideaForge Technologies IPO Subscription Status
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – 26th Jun | 0.01x | 5.16x | 12.70x | 8.53x | 3.74x |
| 2nd Day – 27th Jun | 1.34x | 21.64x | 36.79x | 26.65x | 13.36x |
| 3rd Day – 28th Jun | 38.62x | 64.10x | 64.88x | 64.84x | 50.38x |
| 4th Day – 30th Jun | 125.81x | 80.58x | 85.16x | 96.59x | 106.05x |
| Shares Offered or Net Issue | 2,528,596 | 1,264,297 | 842,865 | 13,112 | 4,648,870 |
The company has only filed the IPO documents. The subscription status is now nil because there is still time for the bidding to begin.
However, interested parties wishing to analyze the bidding pattern can view the live ideaForge Technologies IPO Subscription status by clicking here when the IPO bidding starts soon.
ideaForge Technologies IPO Allotment Status
The allocation of shares made available by the corporation to the various investor classes is as follows: 15% for National Institutional Investors, 10% for Retail Investors, and 75% for Qualified Institutional Buyers.
As the IPO goes live, you may check the actual ideaForge Technologies IPO Allotment for each investor class on this page.
ideaForge Technologies IPO Live Performance
Many investors will want to keep a close eye on the IPO’s performance and the ideaForge Technologies Share Price.
It could be to keep track of whether their investment is worthwhile or to determine whether they should invest at all. Regardless of the cause, get the latest information on the live ideaForge Technologies IPO performance right here.
Subscribe to ideaForge Technologies IPO – Open Free Demat Account Now!
Latest ideaForge Technologies IPO News
In the year 2022, the Mumbai-based financial firm successfully developed and filed the DRHP with SEBI.
The listing dates have yet to be announced, but they will undoubtedly take place in 2023. The advertisement will include both offer-for-sale and new issues. The IPO would raise Rs.567 Cr through a fresh offering of Rs.240 Cr shares.
Other than that, little information is currently available. The ideaForge Technologies IPO News will be updated as new information becomes available.
ideaForge Technologies – Company Review
ideaForge Technologies, founded in 2007 by IIT Bombay grads Ankit Mehta, Rahul Singh, Ashish Bhat, and Vipul Joshi, is the first India-based organization to develop and produce vertical take-off and landing (VTOL) UAVs.
During the nine months ending December 31, 2022, the firm had the biggest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes on average for surveillance and mapping.
According to a survey issued in December 2022 by Drone Industry Insights, the business placed 7th globally in the dual-use category, i.e. civil and defense drone makers.
The IPO launch of ideaForge Technologies on the bourses would be the first-ever listing of a drone manufacturing company.
A 25% stake in India’s largest drone manufacturer will be offered in a secondary and primary share sale. The ideaForge Technologies IPO will value the company at Rs 30 billion.
Products or Services
The manufacturing facility of ideaForge Technologies Limited is located in Navi Mumbai, Maharashtra, and has an area of approximately 21,000 square feet. It is equipped with advanced equipment and modern technology, as well as automation systems, and can manufacture a wide range of products.
The company’s goods and services span from UAVs, batteries, and communication systems, to drone-related software and solutions, catering to customers’ needs for surveillance, mapping, and surveying.
ideaForge Technologies Limited is a vertically integrated firm with an in-house product development center that allows it to design, develop, engineer, and manufacture its UAVs.
Customers of ideaForge include the military forces, central armed police forces, state police agencies, disaster management forces, forest departments, and civic consumers.
Promoters and Holding
The promoters who are leading this IPO are:
- Ankit Mehta
- Rahul Singh
- Ashish Bhat
JM Financial and IIFL Securities are the issue’s book-running lead managers.
Is ideaForge Technologies Good for Investment?
With a market share of roughly 50% in Fiscal 2022, ideaForge Technologies Ltd is the market pioneer and pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market.
According to a 1Lattice Study cited in the DRHP, the drone market is worth $21 billion and increasing at a 20% CAGR. India’s drone industry aspires to become a major drone hub by 2030.
Additionally, because the firm has the largest operational deployment of indigenous UAVs in India, the ideaForge Technologies IPO could assist the company to achieve more market presence in the coming years, as the proceeds will be used for R&D as well.
ideaForge Technologies Financial Statements
| Amount (in INR & Million) | |||
| 31-Mar-23 | Mar-22 | 31-Mar-21 | |
| Assets | 4,879.30 | 2,223.31 | 1,237.41 |
| Revenue | 1,964.02 | 1,614.48 | 363.35 |
| Expense | 1,556.07 | 1,112.71 | 508.39 |
| Profit After Tax | 319.88 | 440.06 | (146.26) |
The company turned things around, going from a loss in FY21 to a profit of Rs. 44.01 Cr in FY22. Its operational revenue climbed from Rs. 34.72 Cr in the fiscal year 2021 to Rs. 159.44 Cr in the following year.
The revenue from operations for the six months that ended September 30, 2022, was Rs. 139.55 Cr, and the profit after taxes was Rs. 45.21 Cr.
ideaForge’s operating revenue increased at a CAGR of 237.48% over the past three years, and the business achieved profitability in Q2FY23 largely due to sales to the Indian defence industry.
With such strong financial standing, the company generates headlines for its upcoming ideaForge Technologies IPO, which has many analysts and investors both enthusiastic and anxious about the listing.
| Earnings per Equity Share (in Million) | |||
| 31-Mar-23 | Mar-22 | 31-Mar-21 | |
| Basic | 8.55 | 13.84 | (5.03) |
| Diluted | 8.12 | 13.13 | (5.03) |
ideaForge Technologies IPO Review
The ideaForge Technologies IPO has few details accessible only because the IPO is yet to go online. Once the capital market regulator grants the go-ahead, the price band, bidding dates, and other pertinent data will be released over time.
The proceeds from its recent issuance would be used for a variety of objectives, including the prepayment or repayment of certain obligations to the tune of Rs 50 Cr, meeting working capital needs amounting to Rs 135 Cr.
Then, investing in product development and other corporate needs with Rs 40 Cr raised from the IPO. Keep tuned for more details and an ideaForge Technologies IPO Review.
ideaForge Technologies IPO Details
Here are a few more details you need to know before investing in ideaForge Technologies IPO –
ideaForge Technologies IPO Issue Object
Thus, ideaForge Technologies has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Repayment/prepayment of certain indebtedness availed by our Company;
- Funding working capital gap;
- Investment in product development; and
- General corporate purposes
ideaForge Technologies IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Pioneer and the pre-eminent market leader in the Indian UAS industry, with a 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 our software and solutions and product differentiators;
- in-house design to delivery capabilities; and
- Strong management capabilities with a demonstrated ability to deliver robust financial performance
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-23 | 8.55 | 9.85 | 86.81 |
| 31-Mar-22 | 13.84 | 26.95 | 51.36 |
| Mar-21 | (5.03) | (24.48) | 20.57 |
ideaForge Technologies IPO Lead Managers
Here is the list of Lead managers –
- JM Financial Limited
- IIFL Securities Limited
ideaForge Technologies IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai 400 083
Maharashtra, India
Tel: +91 810 811 4949
E-mail: ideaforge.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance e-mail: ideaforge.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
ideaForge Technologies IPO – Other Details
- Statutory Auditor – B S R & Co. LLP
- Legal Counsel to the Company – Shardul Amarchand Mangaldas & Co
- Bankers to the Company – HDFC Bank Limited
ideaForge Technologies IPO Verdict by Stock Brokers
It looks like ideaForge Technologies has a strong presence in a new industry. Yet, the timing of the IPO may raise some eyebrows.
Although it is well known that Indian drone firms are the next investment theme, the market is now highly turbulent. Investor demand has waned, and turbulent markets have discouraged companies from going public.
In the last six months, 27 companies with IPO prospects totalling Rs 380 billion have allowed their regulatory licenses to lapse. Similarly, permits for another 9 companies seeking to fund a total of Rs 150 billion are expected to expire during the next two months.
It remains to be seen under what conditions the business decides to launch its IPO. But one thing is for sure, ideaForge Technologies IPO will also witness a lot of traction.
ideaForge Technologies IPO – Conclusion
All of the information provided here is accurate and will be updated as soon as the information is made public.
As an interested investor, you should always conduct your research before investing your hard-earned money, rather than relying just on ideaForge Technologies IPO Reviews.
To Subscribe to ideaForge Technologies IPO – Open Demat Account Now!
ideaForge Technologies IPO Review FAQs
Check out the FAQs on ideaForge Technologies IPO –
What is the Issue Size of ideaForge Technologies IPO?
The Company is making an initial public offer of 4,869,712 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of ideaForge Technologies IPO?
The price band for this particular IPO ranges between Rs.638 to Rs.672. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the ideaForge Technologies IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on 26 June 2023, while the closing date is set at 29 June 2023.
What is the ideaForge Technologies IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on 4 July 2023, refund initiation is on 5 July 2023, credit of shares is on 6 July 2023, and share listing date is on 7 July 2023.
What is the ideaForge Technologies IPO Listing Date?
Shares of this company shall be listed in the exchanges on 7 July 2023. The date, when the listing would be done, is stagnant on 7 July 2023.
Who is the Registrar of ideaForge Technologies IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Ltd. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of ideaForge Technologies IPO?
Here are the promoters of this IPO – ANKIT MEHTA, RAHUL SINGH AND ASHISH BHAT. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of ideaForge Technologies IPO?
They have obtained the GMP of this IPO and it is Rs. 550. Further insights into the Kostak rate and subject to sauda or SS are as well included in this report.
Is ideaForge Technologies IPO Good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of ideaForge Technologies Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2023 in Million is 319.88, 2022 is 440.06, and 2021 is (146.26).
Featured Topics