ideaForge Technology IPO
ideaForge Technology IPO — date, price band, lot size & details 2023
ideaForge Technology listed on 7 Jul 2023 at ₹1,300, 93.5% above the ₹672 issue price.
ideaForge Technology makes unmanned aircraft systems for surveillance, mapping and surveying, and led the Indian UAS market with about 50% share in Fiscal 2022. Its total income was Rs 196.40 crore in FY2023.
Stock price
ideaForge Technology is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 26 Jun 2023
- Close 30 Jun 2023
- Allotment 05 Jul 2023
- Refund/credit 06 Jul 2023
- Listing 07 Jul 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 26 to 30 Jun, 2023 |
|---|---|
| Price Band | ₹638 – ₹672 |
| Face Value | ₹10 |
| Lot Size | 22 Shares |
| Issue Size | ₹567.24 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 32.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,784 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 22 shares at the ₹672 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 36.34 crore in FY2021 to Rs 196.40 crore in FY2023.
- 02The company turned from a loss of Rs 14.63 crore in FY2021 to profits of Rs 44.01 crore in FY2022 and Rs 31.99 crore in FY2023.
- 03It led the Indian UAS market with a share of about 50% in Fiscal 2022.
- 04Rs 240.02 crore of the issue was fresh capital for working capital, debt and product development.
- 05Net worth grew from Rs 59.63 crore on 31 March 2021 to Rs 324.72 crore on 31 March 2023.
Risks · 5
- 01Profit after tax fell from Rs 44.01 crore in FY2022 to Rs 31.99 crore in FY2023.
- 02The pre-issue P/E was 80 at the upper band of Rs 672, based on EPS of Rs 8.40.
- 03Orders come mostly from government, defence and security buyers, so income can swing with a few large orders, as the jump from Rs 36.34 crore in FY2021 shows.
- 04Total borrowing rose from Rs 5.68 crore on 31 March 2022 to Rs 86.50 crore on 31 March 2023.
- 05Promoters and the promoter group held only 33.36% before the issue on a fully diluted basis, as per the RHP.
Three years of numbers
All figures in ₹ crore, as reported in the ideaForge Technology offer document.
| Metric | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Assets | 487.93 | 222.33 | 123.74 |
| Total Income | 196.40 | 161.45 | 36.34 |
| Profit After Tax | 31.99 | 44.01 | -14.63 |
| NET Worth | 324.72 | 163.30 | 59.63 |
| Total Borrowing | 86.50 | 5.68 | 50.57 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the ideaForge Technology RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
ideaForge Technology IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹8.40 | ₹7.68 |
| P/E Ratio (x) | 80.00 | 87.50 |
| Market Cap at Offer Price (₹ Cr) | ₹2,559.20 | ₹2,799.13 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹672 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹225.16 Cr of the issue is earmarked to named objects.
ideaForge Technology IPO Anchor Investors
31 anchor investors across 24 fund houses committed ₹254.87 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its portfolio covers hardware such as UAVs, payloads, batteries, chargers and communication systems, software and embedded sub-systems such as ground control software and autopilot, and solutions. Its main uses are surveillance, mapping and surveying.
It makes all its products in-house at its manufacturing facility in Navi Mumbai, Maharashtra. Its customers include defence and security forces and civil users.
The IPO was Rs 567.24 crore, with Rs 240.02 crore of fresh issue and Rs 327.22 crore of offer for sale by a promoter, a promoter group member and investors. Rs 135.00 crore was planned for working capital, Rs 50.00 crore for repaying debt and Rs 40.00 crore for product development.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
ideaForge Technology IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
172 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
IIFL Capital Services Limited
146 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of ideaForge Technology?
The current Grey Market Premium is ₹520, or 77% over the issue price.
What is the ideaForge Technology IPO price band?
₹638 to ₹672, on a face value of ₹10.
When is the allotment?
The basis of allotment is 5 July 2023, with listing on 7 July 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
