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ideaForge Technology IPO GMP, Price, Dates & Allotment Details 2023

ideaForge Technology IPO GMP, Price, Dates & Allotment Details 2023

Introduction

The ideaForge Technology IPO will open on June 26 and close on June 29, 2023. As per the DRHP filed with SEBI, the company intends to raise approximately ₹ 567 crores through this public offering.

ideaForge Technology Limited (“the Company”)

ideaForge Technology Limited is the pioneer and the preeminent market leader in the Indian unmanned aircraft systems (“UAS”) market, with a market share of approximately 50% in Fiscal 2022 (Source: 1Lattice Report).

The company had the largest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes on average for surveillance and mapping during the nine months that ended December 31, 2022.

Noteworthy Highlight

  • Its customers have completed over 300,000 flights using our UAVs as of December 31, 2022 (Source: 1Lattice Report).
  • They ranked 7th globally in the dual-use category (civil and defence) of drone manufacturers as per the report published by Drone Industry Insights in December 2022 (Source: 1Lattice Report).
  • The company has grown at a CAGR of 237.48% in terms of revenue from operations over the last three fiscal years, with a Return on Capital Employed of 49.63% in Fiscal 2022.
  • As of February 8, 2023, the company had filed 62 patent applications, 34 of which were filed internationally and 28 of which were filed in India.

Objects of the Issue,

The company proposes utilising the Fresh Issue’s net proceeds towards funding the following objects:

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

Financial Highlights (Restated)

ParticularsFY 2022-23FY 2021-22FY 2020-21FY 2019-20
Net Worth3251636068
Total Assets48822212480
Reserve & Surplus1106068
Total Borrowings876515
Total Revenue1961613616
Profit After Tax3244(15)(13)
(Amount in ₹ Crore)

IPO details

Issue TypeBook Built Issue IPO
IPO Price₹ 638 to ₹ 672 per share
Employee Discount₹ 32 per share
Face Value₹ 10 per share
Market Lot22 shares
Issue Size[.] shares (aggregating up to ₹ 567 crores)
Fresh Issue[.] shares (aggregating up to ₹ 240 crores)
Offer for Sale4,869,712 shares (aggregating up to ₹ [.] crores)
Listing AtNSE, BSE
Company PromotersMr. Ankit Mehta, Mr. Rahul Singh, and Mr. Ashish Bhat

IPO Reservation

CategoriesNo. of shares offered
QIB shares offeredNot more than 75% of the net offer
NII (HNI) shares offeredNot less than 15% of the offer
Retail shares offeredNot less than 10% of the offer

GMP: ideaForge Technology IPO

GMP, or grey market premium, is available on this page. The IPO GMP is updated on a day-to-day basis during the running period of the IPO, due to which the GMP rates fluctuate and stabilise after some time. GMP rates are not 100% guaranteed. Please click here for GMP details.

Tentative Dates: ideaForge Technology IPO

The issue opens for subscription on June 26, 2023, and closes for subscription on June 29, 2023 (both days inclusive). The basis of allotment will be finalised on July 4, 2023, and the refunds will be initiated on July 5, 2023. In addition, the demat credits are expected to happen on July 6, 2023, and the stock will be listed on the NSE and BSE on July 7, 2023. The UPI mandate confirmation cut-off time is 5:00 PM on the issue closing day.

Opening DateJune 26, 2023,
Closing DateJune 29, 2023
Basis of AllotmentJuly 4, 2023
Initiation of RefundsJuly 5, 2023
A credit of shares to Demat A/cJuly 6, 2023
Listing DateJuly 7, 2023

Lot Size

The lot size of the ideaForge Technology IPO is 22 shares. A retail-individual investor can apply for up to 13 lots, i.e. 286 shares of ₹ 192,192.

ApplicationsLotsSharesAmount 
Retail (Minimum)122₹ 14,784
Retail (Maximum)13286₹ 192,192
S-HNI (Minimum)14308₹ 206,976
S-HNI (Maximum)671,474₹ 990,528
B-HNI (Minimum)681,496₹ 1,005,312

Promoters Holdings: ideaForge Technology IPO

Pre-issue Shares Holdings60.65%
Post-issue Shares Holdings

Miscellaneous Information

Download Prospectus (PDF)IPO DRHP
Company Contact InformationideaForge Technology Limited
EL-146 TTC Industrial Area, Electronic Zone, MIDC Mahape, Navi Mumbai – 400 710
Phone: +91 84476 12778
Email: [email protected]
Website: https://ideaforgetech.com/
IPO RegistrarLink Intime India Private Ltd
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://linkintime.co.in/
IPO Lead Manager(s)JM Financial LimitedIIFL Securities Ltd

FAQ’s

The ideaForge Technology IPO price is ₹ 638 to ₹ 672 per share.

The minimum investment size is one lot for retail investors. One lot of the ideaForge Technology IPO contains 22 shares of ₹ 14,784.

The finalisation of the basis of allotment for the ideaForge Technology IPO will be done on July 4, 2023, and the allotted shares will be credited to your demat account by July 6, 2023. Check the ideaForge Technology IPO allotment status.

The ideaForge Technology IPO shares listing date is July 7, 2023.

The investors’ portion for QIB is 75% of the Net offers, NII (HNI) is 15%, and retail is 10% of the offer.

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