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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 ₹672.00 per share . The lot size for an application is 22. The minimum amount of investment required by an retail is ₹14,036 (22 shares). 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 Date | June 26, 2023 to June 30, 2023 |
| Listing Date | July 7, 2023 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹638 to ₹672 per share |
| Issue Price Final | ₹672 per share |
| Lot Size | 22 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 84,41,764 shares (aggregating up to ₹567.24 Cr) |
| Fresh Issue | 35,72,052 shares (aggregating up to ₹240.02 Cr) |
| Offer for Sale | 48,69,712 shares of ₹10 (aggregating up to ₹327.22 Cr) |
| Employee Discount | ₹32.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Post Issue | 4,16,70,611 shares |
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, 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 | Maximum 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%) |
| 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 |
ideaForge Technology IPO raises ₹254.88 crore from anchor investors. ideaForge Technology IPO Anchor bid date is June 23, 2023. ideaForge Technology IPO Anchor Investors list
| Bid Date | June 23, 2023 |
| Shares Offered | 37,92,894 |
| Anchor Portion Size (In Cr.) | 254.88 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 4, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 3, 2023 |
ideaForge Technology IPO opens on June 26, 2023, and closes on June 30, 2023.
| IPO Open Date | Mon, Jun 26, 2023 |
| IPO Close Date | Fri, Jun 30, 2023 |
| Tentative Allotment | Wed, Jul 5, 2023 |
| Initiation of Refunds | Thu, Jul 6, 2023 |
| Credit of Shares to Demat | Fri, Jul 7, 2023 |
| Tentative Listing Date | Fri, Jul 7, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Jun 30, 2023 |
Investors can bid for a minimum of 22 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31-Mar-20 | 79.79 | 16.32 | -13.45 | 68.12 | 68.05 | 5.30 |
| 31-Mar-21 | 123.74 | 36.34 | -14.63 | 59.63 | 59.63 | 50.57 |
| 31-Mar-22 | 222.33 | 161.45 | 44.01 | 163.30 | 110.28 | 5.68 |
| 31-Mar-23 | 487.93 | 196.40 | 31.99 | 324.72 | 86.50 | |
| Amount in ₹ Crore | ||||||
The market capitalization of ideaForge Technology IPO is ₹2800.20 Cr.
| KPI | Values |
|---|---|
| ROE | 13.11% |
| ROCE | 12.51% |
| Debt/Equity | 0.27 |
| RoNW | 9.85% |
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
[Dilip Davda] The company is the Indian leader in the UAS segment. It has posted growth in its top lines but for FY23, its bottom line marked decline due to ESOP impact. Though based on FY23 performance, the issue appears aggressively priced, well-informed/cash surplus investors may consider parking funds for long-term rewards. Read detail review...
| Listing Date | July 7, 2023 |
| BSE Script Code | 543932 |
| NSE Symbol | IDEAFORGE |
| ISIN | INE349Y01013 |
| Final Issue Price | ₹672 per share |
| BSE Listing Group | B |
ideaForge Technology Ltd.
EL-146 TTC Industrial Area,
Electronic Zone, MIDC Mahape,
Navi Mumbai – 400 710
Navi Mumbai, Maharashtra
Phone: +91 84476 12778
Email: business@ideaforgetech.com
Website: https://ideaforgetech.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: ideaforgetechnology.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
ideaForge Technology IPO is a main-board IPO of 84,41,764 equity shares of the face value of ₹10 aggregating up to ₹567.24 Crores. The issue is priced at ₹672 per share. The minimum order quantity is 22.
The IPO opens on June 26, 2023, and closes on June 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 June 26, 2023 and closes on June 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 Friday, July 7, 2023. Check the ideaForge Technology IPO allotment status.
The ideaForge Technology IPO listing date is on Friday, July 7, 2023.
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