Bookbuilding IPO | ₹567 Cr | Listed at BSE, NSE
ideaForge Technology IPO is a book build issue of ₹567.24 crores. The issue is a combination of fresh issue of 0.36 crore shares aggregating to ₹240.02 crores and offer for sale of 0.49 crore shares aggregating to ₹327.22 crores.
ideaForge Technology IPO bidding started from Jun 26, 2023 and ended on Jun 30, 2023. The allotment for ideaForge Technology IPO was finalized on Jul 5, 2023. The shares got listed on BSE, NSE on Jul 7, 2023.
ideaForge Technology IPO price band is set at ₹672 per share. The lot size for an application is 22. The minimum amount of investment required by an retail is ₹14,784 (22 shares) (based on upper price). The lot size investment for sNII is 14 lots (308 shares), amounting to ₹2,06,976, and for bNII, it is 68 lots (1,496 shares), amounting to ₹10,05,312.
The issue includes a reservation of up to 13,112 shares for employees offered at a discount of ₹32.00 to the issue price.
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to ideaForge Technology IPO RHP for detailed Information.
IPO Open
Mon, Jun 26, 2023
IPO Close
Fri, Jun 30, 2023
Issue Price
₹672 per share
Market Cap (Pre-IPO)
₹2,800.20 Cr
| IPO Date | 26 to 30 Jun, 2023 |
| Listed on | Fri, Jul 7, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹638 to ₹672 |
| Issue Price | ₹672 per share |
| Lot Size | 22 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹32.00 |
| Total Issue Size | 84,41,764 shares (agg. up to ₹567 Cr) |
| Fresh Issue | 35,72,052 shares (agg. up to ₹240 Cr) |
| Offer for Sale | 48,69,712 shares of ₹10 (agg. up to ₹327 Cr) |
| Share Holding Post Issue | 4,16,70,611 shares |
| BSE Script Code / NSE Symbol | 543932 / IDEAFORGE |
| ISIN | INE349Y01013 |
ideaForge Technology IPO offers total 84,41,764 shares. Out of which 63,21,490 (74.88%) allocated to QIB, 25,28,596 (29.95%) allocated to QIB (Ex- Anchor), 12,64,297 (14.98%) allocated to NII 8,42,865 (9.98%) allocated to RII and 37,92,894 (44.93%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 63,21,490 (74.88%) | NA |
| − Anchor Investor Shares Offered | 37,92,894 (44.93%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 25,28,596 (29.95%) | NA |
| NII (HNI) Shares Offered | 12,64,297 (14.98%) | NA |
| − bNII > ₹10L | 8,42,865 (9.98%) | 2,736 |
| − sNII < ₹10L | 4,21,432 (4.99%) | 1,368 |
| Retail Shares Offered | 8,42,865 (9.98%) | 38,312 |
| Employee Shares Offered | 13,112 (0.16%) | NA |
| Total Shares Offered | 84,41,764 (100.00%) |
Investors can bid for a minimum of 22 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 22 | ₹14,784 |
| Retail (Max) | 13 | 286 | ₹1,92,192 |
| S-HNI (Min) | 14 | 308 | ₹2,06,976 |
| S-HNI (Max) | 67 | 1,474 | ₹9,90,528 |
| B-HNI (Min) | 68 | 1,496 | ₹10,05,312 |
ideaForge Technology IPO raises ₹254.88 crore from anchor investors. ideaForge Technology IPO Anchor bid date is June 23, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Jun 23, 2023 |
| Shares Offered | 37,92,894 |
| Anchor Portion (₹ Cr.) | 254.88 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Aug 4, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Oct 3, 2023 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
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 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 487.93 | 222.33 | 123.74 | 79.79 |
| Total Income | 196.40 | 161.45 | 36.34 | 16.32 |
| Profit After Tax | 31.99 | 44.01 | -14.63 | -13.45 |
| NET Worth | 324.72 | 163.30 | 59.63 | 68.12 |
| Reserves and Surplus | 110.28 | 59.63 | 68.05 | |
| Total Borrowing | 86.50 | 5.68 | 50.57 | 5.30 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/prepayment of certain indebtedness availed by our Company; | 50.00 |
| 2 | Funding working capital gap | 135.00 |
| 3 | Investment in product development; and | 40.00 |
| 4 | General corporate purposes | 0.16 |
| KPI | |
|---|---|
| ROE | 13.11% |
| ROCE | 12.51% |
| Debt/Equity | 0.27 |
| RoNW | 9.85% |
| PAT Margin | 17.20% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.12 | |
| P/E (x) | 87.5 | |
| Promoter Holding | 33.37% | 30.19% |
| Market Cap | ₹2,800.20 Cr. |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission) | 16.58 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage, underwriting commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.99 |
| 3 | Fees payable to the Registrar to the Offer | 0.54 |
| 4 | Others including but not limited to: | |
| 5 | (i) Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses; | 4.57 |
| 6 | (ii) Printing and distribution of stationery; | 1.31 |
| 7 | (iii) Advertising and marketing expenses; | 3.78 |
| 8 | (iv) Fees payable to legal counsel; | 3.55 |
| 9 | (v) Fees payable to B S R & Co. LLP in their capacity as Statutory Auditors in respect of the Restated Consolidated Financial Information and the statement of possible special tax benefits and the certificates issued by them; | 2.39 |
| 10 | (vi) Fees payable to Ramanand & Associates in their capacity as Independent Chartered Accountant to our Company in respect of various certifications issued by them; | 0.12 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹672.00 | ₹672.00 |
| Open | ₹1,305.10 | ₹1,300.00 |
| Low | ₹1,257.80 | ₹1,260.00 |
| High | ₹1,344.00 | ₹1,343.95 |
| Last Trade | ₹1,295.50 | ₹1,294.95 |
Lead Manager Reports
ideaForge Technology IPO is a main-board IPO of 84,41,764 equity shares of the face value of ₹10 aggregating up to ₹567 Crores. The issue is priced at ₹672 per share. The minimum order quantity is 22.
The IPO opens on Mon, Jun 26, 2023, and closes on Fri, Jun 30, 2023.
MUFG Intime India Pvt.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 Mon, Jun 26, 2023 and closes on Fri, Jun 30, 2023.
ideaForge Technology IPO lot size is 22, and the minimum amount required for application is ₹14,784.
You can apply in ideaForge Technology IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, 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 Fri, Jul 7, 2023. Check the ideaForge Technology IPO allotment status.
The ideaForge Technology IPO listing date is on Fri, Jul 7, 2023.
