Ideaforge Technology Ltd IPO Timeline

Ideaforge Technology Ltd IPO opens on 26-Jun-2023, and closes on 30-Jun-2023. The Ideaforge Technology Ltd IPO bid date is from 26-Jun-2023 to 30-Jun-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Ideaforge Technology Ltd IPO Opening Date 26-Jun-2023
Ideaforge Technology Ltd IPO Closing Date 30-Jun-2023
Basis of Allotment 05-Jul-2023
Initiation of Refunds 06-Jul-2023
Credit of Shares to Demat 07-Jul-2023
Ideaforge Technology Ltd IPO Listing Date 10-Jul-2023

Ideaforge Technology Ltd IPO Lot Size

Ideaforge Technology Ltd IPO lot size is 22 shares. A retail-individual investor can apply for up to 13 lots (286 shares or 192192).

Application Lots Shares Amount
Minimum 1 22 ₹14784
Maximum 13 286 ₹192192

Ideaforge Technology Ltd IPO Details

Ideaforge Technology Ltd IPO Date 26-Jun-2023 to 30-Jun-2023
Ideaforge Technology Ltd IPO Face Value Shares of ₹10 per share
Ideaforge Technology Ltd IPO Price ₹638 to ₹672 per share
Ideaforge Technology Ltd IPO Lot Size 22
Issue Size Shares of ₹10 (aggregating up to ₹567.25 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹240 Cr)
Offer for Sale Shares of ₹10 (aggregating up to ₹310.69 Cr)
Issue Type Book Built Portion
Listing At BSE, NSE
QIB Shares Offered Not more than 2528596
Retail Shares Offered Not less than 842865
NII (HNI) Shares Offered Not less than 1264297
Company Promoters Ankit Mehta, Rahul Singh, Ashish Bhat.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Repayment/prepayment of certain indebtedness availed by the Company
  • 2 Funding working capital requirements
  • 3 Investment in product development
  • 4 General corporate purposes

Company Financials

Ideaforge Technology Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2023 487.93 196.40 31.99
03-2022 222.33 161.45 44.01
03-2021 123.74 36.34 -14.63
Amount in ₹ Crore
  • pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage.
  • diversified product portfolio with a robust technology stack and track record of successful outcomes in critical use cases.
  • strong relationships with a diverse customer base.
  • significant product development capabilities powering its software and solutions and product differentiators.
  • in-house design to delivery capabilities.
  • strong management capabilities with a demonstrated track record of delivering robust financial performance.
  • The company operate in an industry which is highly regulated and is subject to change. If its fail to comply with the applicable regulations and rules prescribed by the Government of India and the relevant statutory or regulatory bodies, its business, financial condition, cash flows and results of operations will be adversely affected.
  • The company is a licensed manufacturer of Unmanned Aerial Vehicles under the Industries (Development and Regulation) Act, 1951 and any non-compliance of, or a failure to satisfy the terms and conditions under such license could lead to the cancellation of its license thereby creating a material adverse impact on its business, financial condition and results of operations.
  • The company is heavily reliant on sales to the Indian government including to the central and state government agencies. A decline in government budget, reduction in orders, termination of existing contracts, delay of existing contracts or any kind of adverse change in the Government of India policies for its sector would have a material adverse impact on its business, financial condition, and results of operations.
  • Majority of the sale of its products are dependent on it winning bids. Bidding for a tender involves various management activities such as cost estimations and designing and developing a trial product for the bidding process. Inability to accurately measure the cost and design and develop the trial product may lead to loss of tender creating an adverse impact on its business, results of operations, financial condition and cash flows.
  • The number of orders the company has received in the past, its current order book and its growth rate may not be indicative of the number of orders the company will receive in future.
  • The company is highly dependent on global vendors for the supply of components and may not be able to reduce its dependency on such imports. If critical components or raw materials become scarce or unavailable, then its may incur delays in manufacturing and delivery of the company products and in completing its development programs, which could damage its business. Moreover, the supply and cost of components can be subject to significant variation due to factors beyond the company control.
  • The company design, develop, engineer and manufacture Unmanned Aerial Vehicles that engages advanced technologies. Its operations are dependent on continuous product development and the company inability to identify and understand evolving industry trends, technological advancements, customer preferences and develop new products to meet its customers' demands could render its existing products obsolete and may adversely affect its business.
  • The company products are complex and technologically advanced and could have unknown defects or errors.
  • Hacking of its software and solution or any other kind of cyber-attack could have a material adverse effect on its business, results of operation or financial condition.
  • If the company fail to effectively implement its production schedules, or the company manufacturing operations suffer unanticipated or prolonged interruption, its business and results of operations may be materially and adversely affected.
  • The company entry into ,drone as a service' market may not be successful, and it might adversely impact its financial condition.
  • The company expansion into international market may not be successful.
  • If the drone industry does not experience significant growth, or if its products lack multiple use applications, then the company will not be able to achieve its anticipated level of growth.
  • The company business is benefitted by schemes launched by GoI to boost the drone Industry. Any variation in such schemes would have an adverse impact on its results of operations and financial condition and cash flows.
  • The company business is dependent on its single manufacturing facility, and the company is subject to certain risks in the company manufacturing process. Any slowdown or shutdown in its manufacturing operations could have an adverse effect on its business, financial condition and results of operations.
  • The company industry is competitive and its inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
  • The company may not be successful in its future pursuit of strategic investment and acquisition opportunities.
  • Any defect or its inability to comply with quality parameters may lead to the cancellation of existing and future orders and could negatively impact its reputation, business, cash flow and results of operations and future prospects.
  • The company may be unable to obtain and maintain its patent rights thereby creating an adverse impact on its business and results of operations.
  • The company must recruit and retain highly-skilled employees to succeed in its competitive business.
  • The continuing impact of the COVID-19 pandemic on its business and operations is uncertain and it may be significant and continue to have an adverse effect on its business, operations and the company future financial performance.
  • The company is dependent on its Promoters, Directors, other Key Managerial Personnel and Senior Management, including other employees with technical expertise. Any loss of or its inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
  • The company have significant working capital requirements. If its unable to borrow or raise additional financing or furnish bank guarantees in future, it would adversely impact its business, cash flows and results of operations.
  • The company manufacturing facility and Registered Office are located on premises taken on a leave and license basis. There can be no assurance that these leave and license agreements will be renewed upon termination or that its will be able to obtain other premises on leave and license basis on same or similar commercial terms or at all.
  • Most of its customer agreements generally contains a liquidated damage clause for delay or nondelivery of the Unmanned Aerial Vehicle. Any contractual default on its part may result in claims and payment of liquidated damages, which could adversely affect the company business, financial condition and cash flows.
  • The company do not enter into any long-term contracts with its suppliers.
  • The company is subject to various laws and regulations, including environmental and health and safety laws and regulations. If the company fail to obtain, maintain or renew the licenses, permits and approvals required to operate its business, or fail to comply with applicable laws, its business, results of operations and financial condition may be adversely affected.
  • The company insurance policies may not be adequate to cover all losses incurred in the business. An inability to maintain adequate insurance cover to protect it from material adverse incidents in connection with the company business may adversely affect its operations and profitability.
  • Any inability to protect its intellectual property or any claims that the company infringe on the intellectual property rights of others and any failure to keep its technical knowledge confidential could erode its competitive advantage and could have a material adverse effect on the company.
  • The company face foreign exchange risks that could adversely affect its results of operations.
  • Any restrictions under the FDI policy or delay in receiving approvals would adversely affect its business, operations and financial conditions.
  • The company has certain contingent liabilities which, if materialized, may adversely affect its financial condition.
  • The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • The company has sustained negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future.
  • The company has incurred losses in Fiscals 2020 and 2021. In the event its incur net loss in the future, the company business and financial condition may be adversely affected.
  • Certain sections of this Draft Red Herring Prospectus disclose information from the industry reportb which has been commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risk.
  • There are outstanding legal proceedings involving the Company and Directors. Any adverse outcome in such legal proceedings may affect its business, results of operations and financial condition.
  • There have been certain instances of regulatory non-compliances or delays or errors in the past. The company may be subject to regulatory actions and penalties for any such past or future non-compliance or delays or errors and its business, financial condition and reputation may be adversely affected.
  • The company inability to meet its obligations, including financial and other covenants under its debt financing arrangements could adversely affect its business and results of operations.
  • The company has availed working capital facilities which are repayable on demand. Any demand from lenders for repayment of such working capital facilities may adversely affect its cash flows.
  • The company funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • Failures in internal control systems could cause operational errors which may have an adverse impact on its profitability.
  • The company may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by its employees which may have a material adverse effect on its business, results of operations and financial condition.
  • The company business may be subject to labour conflicts, strikes, or other types of conflicts with its workforce which may adversely impact on its business, results of operations and financial condition.
  • The company ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.
  • The Company has issued Equity Shares during the last twelve months at a price which may be lower than the Offer Price.
  • The Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the proceeds from the Offer for Sale.
  • Certain Non-GAAP measures presented in this Draft Red Herring Prospectus may have limitations as analytical tools, may vary from any standard methodology applicable across the drone industry, and may not be comparable with financial or statistical information of similar nomenclature presented by other peer companies.
  • Continue to invest in product innovation, engineering and design
  • Expanding into international markets
  • Expand its product portfolio and cater to new end-use applications and industries
  • Focus on indigenisation
  • Pursue strategic investment and acquisition opportunities

Ideaforge Technology Ltd IPO Promoter Holding

Pre Issue Share Holding 28.40%
Post Issue Share Holding 24.87%

Ideaforge Technology Ltd IPO Subscription Status (Bidding Detail)

The Ideaforge Technology Ltd IPO is subscribed 106.06 times on Jun 30, 2023 05:00:00 PM. The public issue subscribed 85.2 times in the retail category, 125.81 times in the QIB category, and 80.58 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) 125.81 80.58 85.2 96.65 106.06

Ideaforge Technology Ltd IPO Prospectus

Ideaforge Technology Ltd IPO Listing Date

Listing Date 07 Jul 23
BSE Script 543932
NSE Symbol IDEAFORGE
Listing In BSE, NSE
ISIN INE349Y01013
IPO Price ₹672
Face Value ₹10

Ideaforge Technology Ltd IPO Registrar

Link Intime India Pvt Ltd

Phone: +91 810 811 4949
Email: ideaforge.ipo@linkintime.co.in
Website: www.linkintime.co.in

Ideaforge Technology Ltd IPO Lead Manager(s)

  1. JM Financial Ltd
  2. IIFL Securities Ltd

FAQs on Ideaforge Technology Ltd IPO

Ideaforge Technology Ltd IPO, which opens for subscription from 26-Jun-2023 to 30-Jun-2023 has an issue size of ₹567.25 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Ideaforge Technology Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Ideaforge Technology Ltd IPO Opens for subscription from 26-Jun-2023 to 30-Jun-2023.

The lot size of Ideaforge Technology Ltd is 22 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14784 and ₹192192 respectively.

Allotment date for Ideaforge Technology Ltd is 05-Jul-2023 and refund of application amount (in case allotment is not received) will begin from 06-Jul-2023. If your allotment goes through, then shares will be credited in your Demat account by 07-Jul-2023.

The registrar for Ideaforge Technology Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.

The shares of Ideaforge Technology Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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