Ideaforge Technology Ltd IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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Ideaforge Tech

CMP

684.85

-5.85 (-0.85%)

₹672

Offer Price

₹ 567.25 Cr

Issue Size

₹ 14,784

Min Investment

106.06x

Times Subscribed

22

Lot size

Time Line

  • 26
    Jun 2023
    Open
  • 30
    Jun 2023
    Close
  • 05
    Jul 2023
    Finalisation of Basis of Allotment
  • 06
    Jul 2023
    Initiation of Refunds
  • 07
    Jul 2023
    Transfer of Shares to Demat Account
  • 07
    Jul 2023
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • 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

Products & Services

  • The Company is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems ("UAS") market.

Strengths

  • 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;

Risks

  • 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.

Company Promoters

Promoters Holding

Issue For IPO
27.89%
Pre Holding

27.89%

Post Holding

-

Top Promoters Holding

Financials

All values in Cr

Mar-2022 Mar-2023 Mar-2023 3-Yr trend
Revenue 159.44 (359.20%) 186.01 (16.70%) 9.85 (-)
Gross Profit 159.44 (359.20%) 186.01 (16.70%) 9.85 (-)
Net Income 159.44 (359.20%) 186.01 (16.70%) 9.85 (-)
Assets 159.44 (359.20%) 186.01 (16.70%) 9.85 (-)
Liabilities 159.44 (359.20%) 186.01 (16.70%) 9.85 (-)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
Ideaforge Technology Ltd 186.01 31.99 427.79 103.13 9.85 14.99 152.16 4.37 0.24
MTAR Technologies Ltd 573.75 103.42 1,063.31 1,063.31 16.67 33.62 201.61 9.72 0.23
Data Patterns (India) Ltd 453.45 124.00 1,434.94 1,434.94 10.62 23.80 208.41 8.64 0.00
Astra Microwave Products Ltd 815.52 69.83 1,057.01 1,057.01 10.86 8.06 74.20 6.60 0.29

Book Running Managers

  • JM Financial Ltd
  • IIFL Securities Ltd

Registrar & Transfer Agent

Link Intime India Pvt Ltd

C-101 247 Park,
L B S Marg,
Vikhroli West - Mumbai-400083
Phone : 91-22-49186000 Fax: 91-22-49186060

Company Contact Information

EL-146 TTC Industrial Area,
Electronic Zone MIDC Mahape,
Thane - 400710
Phone : 91-22-67875000 Email : compliance@ideaforgetech.com www.ideaforgetech.com

Offer Related Information

Initial public offering of 8,441,764 equity shares of face value of Rs. 10 each ("Equity Shares") of Ideaforge Technology Limited (The "Company" or the "Issuer") for cash at a price of Rs. 672 per equity share including a share premium of Rs. 662 per equity share (the "Offer Price") aggregating to Rs. 567.25 crores (the "Offer"). The offer comprises of a fresh issue of 3,572,052 equity shares by the company aggregating to Rs. 240.00 crores (the "Fresh Issue") and an offer for sale of... More

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