ideaForge Technology, a leading drone manufacturer in India, is one of the pioneers in the country’s unmanned aircraft systems industry. Established in 2007, is a company dedicated to the manufacturing of Unmanned Aircraft Systems. In the year 2022, they achieved an impressive market share of 50%. The recent offering by the company received a highly positive response and generated strong interest from various investor groups.
On the first day of bidding, the subscriptions reached an impressive 3.69 times the offering size. Moreover, retail investors showed the highest level of interest, subscribing 12.48 times, followed by employees with a subscription rate of 8.47 times. Non-institutional investors subscribed 5.13 times, while Qualified Institutional buyers showed relatively lower interest at 0.01 times. It has also received support and investments from prestigious ventures and private equity investors such as Qualcomm Asia, Infosys, and Celesta Capital.
The drone industry in India has experienced a remarkable growth rate of 60%, and the Indian Government has established a valuation target of USD 1 billion for the industry by 2025. Additionally, it is anticipated that the drone industry will create one lakh employment opportunities within the next five years.
The initial public offering of the company commenced on June 26, 2023, and is scheduled to close on June 29, 2023. The price range for ideaForge Technology IPO is set between Rs 638 and Rs 672, with a face value of Rs 10 per share and a lot size of 22 shares. The total size of the company’s IPO is Rs 567 Crore. Upon listing, the company’s shares will be traded on both the BSE and NSE stock exchanges.
Following is the financial performance of the company:
|
Particulars |
FY20 (Rs Cr) | FY21 (Rs Cr) | FY22 (Rs Cr) | FY23 (Rs Cr) |
| Revenue | 16.3 | 36.3 | 161.5 | 196.4 |
| Net Profit | -13.5 | -14.6 | 44.0 | 32.0 |
| Total Assets | 79.8 | 123.7 | 222.3 | 487.9 |
| Total Borrowings | 5.3 | 50.6 | 5.7 | 86.5 |
| Net Worth | 68.1 | 59.6 | 163.3 |
324.7 |
The company plans to utilise the net proceeds from the new issuance for the purpose of debt settlement, addressing working capital requirements, allocating funds toward product development, and supporting general corporate objectives.
According to a report published by Drone Industry Insights in December 2022, the company has achieved the 7th global ranking among drone manufacturers operating in both the civil and defence sectors, commonly known as the dual-use category.
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