ideaForge Technology Limited IPO

ideaForge Technology is involved in the business of manufacturing Unmanned Aircraft Systems (UAS). ideaForge is a vertically integrated company that designs and manufactures drones for mapping, security, and surveillance applications. The company plans to raise Rs 567 crore through an initial public offering (IPO). The subscription for the IPO opens on June 26 and closes on June 29, 2023.

The IPO comprises of fresh issue of shares worth Rs 240 crore and offer for sale of about 48.69 lakh shares.

The price band is fixed at Rs 638–672 per share and the face value is set at Rs 10 apiece. Employees of the company will get a discount of Rs 32 per share to the final issue price. The lot size is 22 shares.

Company Summary

ideaForge Technology is a market leader in the Indian unmanned aircraft systems (UAS) market, with a market share of approximately 50% in fiscal 2022. The company had the largest operational deployment of indigenous unmanned aerial vehicles (UAVs) across India, with an ideaForge manufactured drone taking off every five minutes on average for surveillance and mapping as of fiscal 2023.

The company has been ranked 7th globally in the dual-use category (civil and defence) drone manufacturers as per the report published by Drone Industry Insights in December 2022. The company has grown at a CAGR of 131.47% in terms of revenue from operations in the last three fiscals, with a Return on Capital Employed of 12.51% in fiscal 2023.

The company is one of the few original equipment manufacturers (“OEMs”) globally to have its own proprietary autopilot sub-system and ground control software. The company has filed 41 patent applications, which comprise of 20 applications filed internationally and 21 patent applications filed in India, as on June 17, 2023.

The company’s product portfolio consists of hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system, which enables communication between the ground control station and the UAVs. The portfolio also consists of software and embedded sub-systems, which includes the GCS software — BlueFire Touch — that enables the controlling and management for our UAVs and autopilot sub-system. The company also offers solutions which enables industry/ application specific software that enhances the value of their UAVs to the end customer.

The company has a manufacturing facility in Navi Mumbai, Maharashtra, that has an area of approximately 21,000 sq. ft., and is equipped with advanced equipment, modern technology with automation systems and has the ability to manufacture a wide range of products.

The company has raised funding from various investors including Infosys Limited, 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 Private Limited over the years.

The company in its red herring prospectus said that it faces competition from companies such as Asteria Aerospace Private Limited, DCM Shriram Limited, Adani Defence and Aerospace (Adani Enterprises Limited), as well as other international companies such as Lockheed Martin Corporation and Autel Robotics Corp., which operate in the same line of business as ideaForge and offer similar products. Some of its peers are Hindustan Aeronautics, Bharat Electronics , MTAR Technologies, Astra Microwave Products, and Data Patterns.

Company Strengths

  • The company is a pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) industry, with first-mover advantage. 
  • Vertically integrated company equipped with an in-house product development centre in Navi Mumbai (Maharashta) that provides customized solutions for their customers.
  • The company has diversified product portfolio with a robust technology stack.
  • Good track record of successful outcomes in critical use cases.
  • Strong relationships with a diverse customer base.
  • Experienced management with a demonstrated ability to deliver robust financial performance.

Company Financials

Period Ended




Total Assets (Rs in crore)




Total Revenue (Rs in crore)




EBITDA (Rs in crore)




EBITDA Margin (%)




Profit After Tax (Rs in crore)




PAT Margin (%)




ROE (%)








Basic EPS




Purpose of the IPO

  • The proceeds from offer for sale will be received by the selling shareholders and the company will not receive any proceeds from offer for sale.
  • The net proceeds from fresh issue of shares will be utilized for repayment/prepayment of certain indebtedness availed by the company aggregating to Rs 50 crore.
  • The net proceeds will also be used for funding of working capital requirements totalling up to Rs 135 crore.
  • Further, the company plans to invest in product development amounting to Rs 40 crore.
  • The remaining net proceeds from fresh issue of shares will be used for general corporate purposes.

Company Promoters

Ankit Mehta, Rahul Singh, and Ashish Bhat are the promoters of the company.

IPO Details

IPO Opening Date

June 26, 2023

IPO Closing Date

June 29, 2023

Face Value

Rs 10 per share

Price Band

Rs 638 to Rs 672 per share

Lot Size


Total Issue Size

Rs 567 crore

Fresh Issue

Rs 240 crore

Offer For Sale

48,69,712 shares of Rs 10

Issue Type

Book Built Issue IPO

Listing At


IPO Lot Size





Retail (Minimum)



Rs 14,784

Retail (Maximum)



Rs 1,92,192

Small HNI (Minimum)



Rs 2,06,976

Small HNI (Maximum)



Rs 9,90,528

Large HNI (Minimum)



Rs 10,05,312

Allotment Details


Tentative Date

Allotment of Shares

July 4, 2023

Initiation of Refunds

July 5, 2023

Credit of Shares to Demat Account

July 6, 2023

Listing Date

July 7, 2023

To check your allotment status, click here