IdeaForge Technology Limited

IdeaForge Technology Limited IPO Review, Date, Price, GMP

IdeaForge Technology Limited Incorporated in 2007 is a pioneering and leading market player in the Indian unmanned aircraft systems (UAS) industry and has made significant strides in recent years. The company has emerged as a prominent player with a strong market presence and a wide range of indigenous drone solutions. According to the 1Lattice Report, IdeaForge holds a market share of approximately 50% in the Indian UAS industry for the fiscal year 2022.

IdeaForge has achieved remarkable operational deployment, with its indigenous drones averaging a takeoff every five minutes for surveillance and mapping purposes during the nine months leading up to December 31, 2022. As of that date, the company’s customers had completed over 300,000 flights, firmly establishing IdeaForge as a key player in the global drone manufacturing sector. In fact, as of December 2022, Drone Industry Insights ranked IdeaForge 7th worldwide in the dual-use category (civil and defense) among original equipment manufacturers (OEMs).

IdeaForge Technology Limited offers a range of innovative products for aerial surveillance, mapping, and security applications. Their product lineup includes the NINJA UAV, a lightweight drone suitable for day and night surveillance with interchangeable payloads. The RYNO UAV is a compact survey-grade drone equipped with advanced mapping capabilities. For cost-effective operations, the Q4i UAV is a small VTOL drone built to military standards. The Q6 UAV is ideal for surveying and mapping projects, thanks to its quadcopter design and high area coverage. The NETRA V4+ UAV is a portable VTOL drone used in critical missions like coastal patrol and search and rescue. The SWITCH UAV combines fixed-wing and VTOL capabilities for long-range surveillance operations. IdeaForge also offers software solutions like BlueFire Touch for mission planning, Autopilot for autonomous flights, and BlueFire MapAssist for streamlined data capture. Their BlueFire Live! solution enables encrypted live streaming and payload control. The Surveillance Pro solution provides advanced image intelligence features, while the GIS Pro solution focuses on survey-grade mapping. With its diverse product portfolio, IdeaForge Technology Limited delivers cutting-edge solutions for a wide range of industry needs.

IdeaForge has achieved several notable distinctions in its journey. In 2009, the company became the first in India to develop and manufacture vertical take-off and landing (VTOL) UAVs. It has also showcased its prowess by participating in the demonstration of 5G-enabled UAVs at the Indian Mobile Congress in 2018. Furthermore, one of IdeaForge’s early VTOL UAV prototypes even made an appearance in a popular Bollywood movie in 2009. As one of the few OEMs globally, the company has developed its own proprietary autopilot sub-system and ground control software.

IdeaForge serves both domestic and international customers in the defense and civil sectors. Its UAVs find applications in surveillance, mapping, surveying, and various other fields. These UAVs have demonstrated their capabilities in extreme conditions, enduring harsh environments such as low temperatures at high altitudes and scorching temperatures in desert regions. The company emphasizes high performance and quality to meet the critical requirements of its customers. Some of its UAVs have even exceeded the minimum flight requirements specified in requests for proposals (RFPs), successfully completing over 4,500 flights.

The company operates a manufacturing facility in Navi Mumbai, Maharashtra, spanning approximately 21,000 sq. ft. Equipped with advanced technology and automation systems, the facility manufactures a wide range of products. It complies with ISO 9001:2015 requirements and includes a testing center with environmental stress screening (ESS) chambers and vibration tables. While the company produces composite structures for UAV airframes in-house, it sources commercial-off-the-shelf (COTS) and customized components from domestic and international markets.

IdeaForge Technology Limited IPO Complete Details:

IPO Date26 June 2023 to 29 June 2023
Issue TypeBook Built Issue IPO
Listing AtNSE BSE
Face Value10 Rs. Per Share
PriceRs.638 to 672
Lot Size22
Issue Size shares (Rs. Cr)
Fresh Issue shares (Rs. Cr)
Offer For Sale shares (Rs. Cr)
Listing Date07 July 2023

IdeaForge Technology Limited IPO Timetable:

Opening Date26 June 2023
Closing Date29 June 2023
Allotment04 July 2023
Initiation of Refunds05 July 2023
Credit of Shares to Demat Account06 July 2023
Listing Date07 July 2023
* Date May Change

Company Financial Details:

Period EndedAssetsRevenueProfit After TaxNet WorthBorrowings
31 March 202079.7916.32-13.4568.125.30
31 March 2021123.7436.34-14.6359.6350.57
31 March 2022222.33161.45 44.01163.305.68
31 March 2023487.93196.40 31.99324.7286.50
Amount In Crores

AS OF NOW, the GMP OF IdeaForge Technology Limited is Around 515 Rs.

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