IdeaForge Technology IPO Key Details Analysis
- IdeaForge Technology IPO Key Details
- IdeaForge Technology, has completed its pre-IPO at a valuation of around ₹2,500 crore.
- ideaForge IPO consists of Rs 300 Crore Fresh issue with an offer for sale of 4,869,712 equity shares
- The IPO opens on June 26 and closes on June 29.
- Recently raised Rs 60 Crore in pre-IPO round
- The IPO price band is in a range of Rs.₹638 to ₹672 per share with a face value of ₹10
- The IPO is a good opportunity for investors to get involved in the growing Indian UAV industry.
Drone startups ideaForge filed DRHP in February 2023 to float its Initial public offering. The company reportedly floating IPO consists of a fresh issue of INR 300 Crore and an offer for the sale of 48.7 lakh shares. The net proceeds of this IPO will be used to reduce debt, meet working capital needs, and fund new product development. The promoter group entities, Qualcomm, and venture capital firms are selling some portion of their shares in an offer for sale.
Recently, another Drone startup IPO Droneacharya Aerial Innovations closed successfully while giving approximately 190% return to its investors. This sets the background of this industry and startup IPOs are successfully launching their initial public offering.
Global Drone Market
Drone policy across the globe has been liberalized off late. Several aviation authorities including India have relaxed their guidelines to allow the commercial and recreational use of drones. Private individuals now can fly drones for various purposes within certain areas across the country. A new concept called Drone-as-a-service is emerging worldwide. Amazon has started delivering its services through drones in various parts of the globe.
The global drone market size is expected to reach US$ 51.4B in the year 2027 and further leap to ~US$ 91.3B by the year 2030 from its current market size of US$ 21.1B in 2022. The Indian government is also encouraging the adoption of drone technology in various applications including agriculture. With the new ‘The Drone Rules 2021’, PLI scheme, UTM policy, and liberalized drone policy, India is also positioned to become a global manufacturing hub for drone technology.
Drone startups ideaForge Technology IPO Review
Mumbai (Maharastra) based Ideaforge technology pvt ltd is a leading manufacturer of unmanned aircraft systems (“UAS”) in India. The company had the largest operational deployment of indigenous UAVs across India. It is one of the best drone companies in India.
- Ideaforge Drones completed over 300,000 flights take off through its users.
- The company ranked 7th globally in the dual-use category (civil and defense) drone manufacturers.
- It is the first company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India in 2009.
- Ideaforge Drones captured 50% of the Indian Unmanned Aircraft Systems (“UAS”) market in FY2022.
- Major products or brands of the company consist of Switch UAV, Netra V4 UAV, Ninja UAV, Q4i UAV, RYNO UAV, Q6 UAV,
- These UAVs can sustain all kinds of weather conditions.
- Made in India – indigenously designed – vertically integrated operation.
- Ideaforge technology pvt Ltd. claims to provide the best support networks in India for UAVs.
- The UAVs of ideaForge are used mainly in two applications as Mapping and Surveying and Security and Surveillance.
- The company just launched its Netra V4 Pro quadcopter for the U.S. market.
Ideaforge technology pvt ltd Founders and Leadership team
Ankit Mehta, Ashish Bhat, and Rahul Singh are the co-founders of ideaForge. Ankit Mehta is the Co-Founder & CEO of the company. He is from IIT Bombay. Ankit is responsible for driving business growth, strategy, global expansion, and investor relations. He holds a degree in bachelor of technology in mechanical engineering under a dual degree program. He also holds a degree in master of technology in mechanical engineering with a specialization in computer-aided design and automation under the dual degree program from the Indian Institute of Technology, Bombay.
Ashish Bhat is the Co-founder and VP of R&D at ideaForge Technology Pvt. Ltd. He holds a B.Tech, Electrical Engineering degree from the Indian Institute of Technology, Bombay.
Rahul Singh is a Co-founder and VP Engg at ideaForge Technology Pvt. Ltd. He holds a B.Tech, Mechanical Engineering degree from the Indian Institute of Technology, Bombay.
Ideaforge technology pvt ltd Revenue and Profit
Ideaforge registered strong revenue growth over the last three fiscal years. The total income of the company increased to INR 16,455.90 lakh in the fiscal year 2022 as against INR 1640.17 lakh in the fiscal year 2020. However, Ideaforge technology pvt ltd has incurred losses for the years 2020 and 2021 and come to profit in FY 2022. The net cash flow of the company also become positive in FY 2022. Both debt to equity ratio and return on equity ratio has improved over the years.
IdeaForge Drones Financial Snapshots
| All amounts in INR Lakhs | |||
| (Year ended March 31) | 2020 | 2021 | 2022 |
| Revenue Operation | 1,409.5 | 3,493.17 | 16,255.82 |
| Total Income | 1640.17 | 3,626.55 | 16,455.90 |
| Profit After Tax | (1353.69) | (1,428.61) | 5,485.23 |
| Net Cash from Operating Activities | (1,713.42) | (3,172.94) | 6,557.28 |
| Debt/Equity Ratio | 0.705 | 0.394 | |
| RoE | (0.222) | 0.602 | |
| RoCE | (0.173) | 0.497 |
Why invest in IdeaForge IPO?
- ideaForge is the leading provider of UAVs and AI solutions in India with market share of 50% in in the Indian UAV market.
- ideaForge is well-positioned to take the benefit from the growing demand for UAVs in India and around the world.
- The company has diversified product portfolio to cater to different industries across the applications such as anti terror, border security, Coastal Security and Surveillance, Crime Control, Land Survey, Mining, etc.
- ideaForge’s customers include the Indian Army, the Indian Navy, the Indian Air Force, law enforcement agencies, and commercial customers.
- ideaForge has strong financials with multiplying revenue from operation over the years.
- The company raised Rs 60 crores from this round with participation from institutional investors.
- Participant in this round were Tata AIG General Insurance, 360 One Asset Management, Motilal Oswal Mutual Fund, and Think Investments PCC, a foreign institutional investor.
- The company is good to invest in its IPO. A chance to invest in a leading UAV manufacturer
IdeaForge IPO Date Review Price Details
| IdeaForge Technology IPO Key Details | IdeaForge Technology IPO Date, Price and others |
|---|---|
| IdeaForge Technology IPO Date | June 26, 2023 to June 29, 2023 |
| IdeaForge IPO Price band | ₹638 to ₹672 per share |
| IdeaForge IPO Allotment date | 4 July 2023 |
| Refunds Initiation date | 5 July 2023 |
| Credit of Shares to Demat Account | 6 July 2023 |
| IdeaForge IPO Listing Date | 7 July 2023 |
| Fresh Issue | ₹300 Crore |
| Offer for Sale | 4,869,712 Equity Shares |
| Minimum bid – Retail Investor (Lot size/ Amount) | 1 lot of 22 equity shares (Total Investment of ₹ 14,784) |
| Maximum bid – Retail Investor (Lot size/ Amount) | 13 lots of 22 equity shares (Total Investment of ₹ 192,192 |
| Face Value | ₹ 10 per share |
| Listing on | BSE & NSE |
ideaForge Company Contact Information
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/
ideaForge IPO Registrar
Phone: +91-22-4918 6270
Email: ideaforgetechnology.ipo@linkintime.co.in
Website: https://linkintime.co.in/
IdeaForge IPO Lead Manager(s)
- JM Financial Limited
- IIFL Securities Limited
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