Ideaforge Technology IPO: Check Open/Close Date, IPO Price | Espresso

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Ideaforge Technology Limited IPO Opens on June 26. Check IPO Details Issue Date Price

June 23, 2023
Ideaforge Technology Limited IPO Opens on June 26. Check IPO Details Issue Date Price

Ideaforge Technology Limited is coming out with a fresh public issue to raise Rs. 567 crores from the market.

Below are the details of the Ideaforge Technology Limited IPO:

  • Issue opens – June 26 (Monday)
  • Issue closes – June 29 (Thursday)
  • Issue size – Rs. 567 crores
  • Price band – Rs. 638 to 672 per equity share
  • Bid lot – 22 shares and in multiples thereof.

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And here are some details of the company and further details on the Ideaforge Technology Limited IPO.

Company details:

  • 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.

Issue Size:

Rs. 567 crores

Net Issue break-up:

  • QIB – 75% of the offer – Rs. 424.80 crores
  • NIB – 15% of the offer – Rs. 84.96 crores
  • RET – 10% of the offer – Rs. 56.64 crores

Employees Reservation: 

Upto 13,112 Equity Shares

Employees Discount:

Rs. 32/- per share

Listing:

BSE and NSE

Registrar:

Link Intime Private Limited

UPI:

All Retail & NII bidders' (bids up to Rs. 5,00,000) applications through brokers are compulsorily in UPI Mode.

Note:

  • Application made using third party UPI or ASBA Bank A/c are liable to be rejected. 
  • The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e. Thursday, June 29, 2023     

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