Price Band Fixed At ₹638-₹672 Per Equity Share
Drones manufactured by ideaForge take off every five minutes on average for surveillance and mapping.
MUMBAI, June 22 (The CONNECT) – Infosys-backed drone maker ideaForge Technology will open its IPO on June 26 price at a price band of ₹638 to ₹672 per equity share.
The public issue with a face value of Rs 10 per equity share comprises of Rs 240 crore of fresh issue and an offer for sale of 4,869,712 equity shares and it closes on June 29. Investors can bid for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.
The Company will raise Rs 550.69 crore at the lower price band and Rs 567.24 crore at the upper end.
ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market, with a 50% share.
The company has raised Rs 60 crore in a pre-IPO placement from institutional investors, including Tata AIG General Insurance, 360 ONE Special Opportunities Fund- Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC, a foreign institutional investor.
The company will use Rs 50 crore from the fresh issuance for settling some of its debts, Rs 135 crore towards funding working capital gap, Rs 40 crore for investment in product development and the rest for general corporate purposes.
ideaForge Technology has been backed by several marquee ventures and private equity investors including Qualcomm Asia, Infosys, and Celesta Capital. Mathew Cyriac backed Florintree Enterprises is the single largest shareholder in the company with approximately 11.85% stake had invested in the company in April 2022.
The Mumbai-based company had the largest operational deployment of indigenous UAVs across India, and drones manufactured by it take off every five minutes on average for surveillance and mapping. It is one of the few original equipment manufacturers (OEMs) in the world that have its own exclusive autopilot sub-system and ground control software and takes full integration of its payloads, communication system and packaging.
Founded in 2007 and led by first generation entrepreneurs, ideaForge, has a first mover advange and primarily caters to customers with applications for surveillance, mapping and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.
Having more than a decade of experience in operationalizing UAVs, it is one of the first companies in India to enter the UAV market and stands 7th globally in the dual use category i.e civil and defence as per the report published by Drone Industry Insights in December 2022.
It plans to expand its offerings and operations to Bangladesh, Vietnam and Nepal
The Company was incubated by the Society for Innovation and Entrepreneurship (SINE), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad. As on June 17,2023 it had 25 patents granted and 37 patents pending.
ideaForge had an outstanding order book of Rs 192.27 crore as on March 31, 2023.
The ideaForge currently manufactures Middle Mile drones which are differentiated basis weight, endurance, take off altitude range, communication range as well as the kind of payload it is supposed to carry. Switch UAV, Netra V4+ and V4 PRO UAV, Q6 UAV, Ninja UAV, Q4i UAV, and Ryno UAV are examples of ideaForge drones that are rugged unmanned aerial vehicles (UAVs) that have been tested in extreme weather conditions and high altitudes across India from deserts to glaciers and offers the highest technical life of 2,000+ landings. It plans to expand its product portfolio to Tactical UAVs and Last Mile Logistic drone too.
JM Financial Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.
