IdeaForge Tech IPO: India’s Largest Drone Maker Ideaforge’s IPO to Open on June 26
IdeaForge Tech IPO
The initial share sale of Ideaforge Technologies is scheduled to open for subscription on June 26, 2023, and will be available for the public to bid on until June 29, 2023.
Prior to the public offering, the allocation of shares to anchor investors will take place on June 23, 2023.
IdeaForge Technologies had filed draft papers with the Securities and Exchange Board of India (SEBI) in February of the same year.
After obtaining approval from SEBI, the company proceeded with the initial share sale, which was granted last month.
Specializing in the manufacturing of Unmanned Aircraft Systems (UAS), IdeaForge’s drones are primarily utilized in various applications such as mapping, security, and surveillance.
Within the country, IdeaForge holds the distinction of being the largest drone company, boasting a market share of 50% during the fiscal year 2022.
Furthermore, according to the Drone Industry Insights report from December 2022, IdeaForge is recognized as the seventh largest company globally in terms of both civil and defense drones.
The subscription for the issue of IdeaForge Technologies’ shares will commence on June 26, 2023.
The price band for the shares has not been determined yet, but the announcement regarding the price band is expected today.
In addition to the issuance of new shares, the promoters and investors will also sell their shares through an Offer for Sale (OFS).
The promoters currently hold a 33.97% stake in the company. Among the stakeholders, Florintri Enterprise LLP holds the largest stake at 11.85%, followed by Celesta Capital II Mauritius with a stake of 11.42%.
IdeaForge Tech IPO Details
IdeaForge Tech’s initial public offering (IPO) will be open for subscription from June 26 to June 29, 2023.
The IPO consists of the issuance of new shares amounting to Rs 240 crore. Additionally, as part of the Offer for Sale (OFS) window, 48,69,712 equity shares with a face value of Rs 10 each will be offered for sale.
The allocation of shares is divided as follows: 75% of the issue is reserved for Qualified Institutional Investors (QIB), 15% for Non-Institutional Investors (NII), and 10% for retail investors.
A total of 13,112 shares have been reserved specifically for employees of the company.
Following the successful completion of the IPO, the allotment of shares will be finalized on July 4th, 2023. The listing of the shares on the stock exchange is scheduled to take place on July 7th, 2023.
The funds raised through the issuance of new shares will be utilized for various purposes, including debt repayment, meeting working capital requirements, investment in product development, and general corporate purposes.
The Registrar to the Issue responsible for managing the IPO process is Link Intime India Private Limited.
Details About IdeaForge Tech Company
Ideaforge Technologies specializes in the manufacturing of Unmanned Aircraft Systems (UAS), commonly known as drones.
These drones are primarily utilized in mapping, security, and surveillance applications. The company offers two main software solutions: Bluefire Live and Bluefire Touch.
Bluefire Live enables the live streaming of video in a secure manner, allowing for remote control of the drone from a distance.
This software facilitates real-time monitoring and control capabilities. On the other hand, Bluefire Touch is ground control software specifically designed for mapping and surveillance missions.
It allows for the scheduling and execution of pre-determined missions in a particular area or location using waypoint-based navigation.
Within the domestic market, Ideaforge Technologies holds the distinction of being the largest drone company.
In FY2022, it commanded a significant market share of 50%. Additionally, according to the Drone Industry Insights report from December 2022, Ideaforge Technologies is ranked as the seventh largest drone company in the world, considering both civil and defense drone applications.
Examining the financial performance of the company, Ideaforge Technologies has experienced fluctuations in profitability over the past four financial years.
In FY2020, it incurred a net loss of Rs 13.45 crore, which increased to Rs 14.63 crore the following year.
However, there was a subsequent improvement in financial performance, with the company achieving a net profit of Rs 44.01 crore in FY2022.
Unfortunately, in the subsequent financial year, the company experienced a decline in profitability, resulting in a net profit of Rs 31.99 crore.
