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June 23, 2023
This is to inform you that Ideaforge Technology Limited is coming out with a public issue to raise Rs.567 crore from the market.
The issue opens on June 26 and closes on June 29, 2023.
Details of the Ideaforge Technology Limited IPO
| Company Details |
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- ideaForge Technology Limited ("ideaForge") was incorporated on February 8, 2007. ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market, with a market share of approximately 50% in Fiscal 2022. They had the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every 5 minutes on average for surveillance and mapping as of Fiscal 2023.
- ideaForge ranked 7th globally in the dual-use category (civil and defence) drone manufacturers as of December 2022. They have grown at a CAGR of 137.47% in terms of revenue from operations over the last 3 Fiscals, with a Return on Capital Employed of 12.51% in Fiscal 2023.
- They have a broad range of products with feature-based differentiation such as weight class (approximately 2-7 kg), endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000 meters), communication range (approximately 2-15 km), payload types, etc.
- Company’s product portfolio consists of Hardware, Software and embedded sub-systems and Solutions. Their growth over the years is attributable to their indigenous design and technological capabilities, ability to invent, design and deliver customer centric offerings (i.e., hardware, software, and solutions) and their vertically integrated operations.
- In addition to being among the 1st few players in India to enter the UAV market, ideaForge also has the distinction of being the 1st company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India in 2009. They are also the 1st company to participate in the demonstration of 5G enabled UAVs at the Indian Mobile Congress in 2018.
- ‘SWITCH UAV’ – company’s product, won the largest mini-VTOL UAV contract in March 2022, against global competitors.
- Beyond the UAVs, ideaForge undertake a full integration of their payloads, communication system and packaging. ideaForge also build their own software stack required for flight safety, autopilot sub-system, battery, power, and communication in their UAVs.
- ideaForge has raised funding from various investors including Infosys Ltd, Qualcomm Asia Pacific Pte. Ltd., Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Florintree Enterprise LLP, Export Import Bank of India and Infina Finance Pvt Ltd over the years
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| Issue Period |
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Issue opens on: Monday, June 26, 2023
Issue closes on: Thursday, June 29, 2023
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| Price Band |
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Rs.638 to Rs.672 per equity share |
| Bid Lot |
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22 equity shares and in multiple thereafter. |
| Issue Size |
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Rs.567 crore |
| Employees Reservation |
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Upto 13,112 Equity Shares |
| Employees Discount |
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Rs. 32/- per shares |
| Issue break-up |
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QIB - 75% of the net offer – Rs.424.80 crore
NIB - 15% of the net offer - Rs.84.96 crore
RET - 10% of the net offer - Rs.56.64 crore |
| Listing |
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NSE and BSE |
| Registrar |
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Link Intime India Pvt Ltd |
| UPI |
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All Retail & NII Bidders (bids up to ₹ 5,00,000) Applications through brokers are compulsorily in UPI Mode |
| Note |
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- Application made using third party UPI or ASBA Bank A/c are liable to be rejected.
- “The UPI Mandate acceptance time for Retail and NII Bidders (bids up to ₹ 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e., Thursday, 29th June, 2023.”
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Watch these 4 videos to know how to apply for the Ideaforge Technology Limited IPO online easily.
Step 1: Create an UPI ID
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Step 2: Apply for IPO online using mobile app or website
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Step 3: Authorise UPI mandate to block payment
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Remember these points while applying for IPOs
- With Sharekhan, you can now fill and submit your IPO application online at your convenience anytime before an issue closes. This can be done through the Sharekhan app or website.
- You will need a mobile phone with a SIM linked to your bank account offering the UPI facility and a debit card to create your UPI ID.
- Currently, UPI works on the following mobile applications:
| Name of App (Supported Platforms) |
VPA Handle |
| BHIM Baroda Pay (only Android) |
@BARODAMPAY |
| BHIM Oriental Pay (Only Android) |
@obc |
| BHIM RBL Pay (Android & iOS) |
@rbl |
| BHIM (android & iOS) |
@upi |
| BHIM ALLBANK UPI (only Android) |
@allbank |
| BHIM Axis Pay (only android) |
@axisbank |
| BHIM IndusPay (only Android) |
@indus |
| BHIM Lotza UPI (only Android) |
@federal |
| BHIM SBIPay (only android) |
@sbi |
| Citi Mobile (android & iOS) |
@citi & @citigold |
| Google Pay (android & iOS) |
@okhdfcbank | @okaxis | @oksbi | @okicici |
| HSBC Simply Pay (android & iOS) |
@hsbc |
| iMobile by ICICI Bank (android users) |
@icici |
| Kotak Mobile Banking App (Android) |
@kotak |
| Phone-Pe (android & iOS) |
@ybl |
| SIB Mirror+ (only Android) |
@sib |
| BHIM YES PAY (only Android) |
@yesbank |
| DigiBank - DBS (Android & iOS |
@dbs |
| Paytm (Andriod & iOS) |
@paytm |
| BHIM AUPay (Android & iOS) |
@aubank |
| Freecharge (Android & iOS) |
@freecharge |
| BHIM BANDHAN UPI (Android & iOS) |
@bandhan |
| BHIM KBL UPI (Android) |
@kbl |
| Phone-Pe (Android & iOS) |
@ybl, @axl, @ibl |
- To avoid rejection, download the latest version of the app.
- Remember to select UPI as the payment option in the IPO application form by providing your UPI ID.
- As soon as you submit your application through the mobile app or website, you will receive an SMS from National Payments Corporation of India (NPCI) informing you that your UPI mandate has been generated.
- The app passcode and the UPI PIN can be different; remember to enter only the UPI PIN while authorising the UPI mandate. Note that you should not share your UPI PIN with anyone.
- If you forget the UPI PIN, simply reset it instead of entering a wrong one.
- If the transaction gets through, you will receive a “Transaction is successful” message on your mobile.
- There are two possible scenarios post-allotment: On full allotment, funds will be debited from your account. If there is no allotment of shares, the blocked funds will be released after the end date or expiry date of the UPI mandate.
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