ideaForge Technology Limited | Globe Capital Market LTD.
ideaForge Technology Limited
Price Band
₹638 to ₹672 per share
IPO Issue Period
Jun 26, 2023 to Jun 30, 2023
Issue Size
₹567.00 Cr
Face value
₹10 per share
Fresh issue
₹240.00 Cr
Offer for sale
4,869,712 shares of ₹10 (aggregating up to ₹[.] Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Friday, 7 July 2023

Incorporated in 2007, ideaForge Technology Limited is engaged in the business of manufacturing Unmanned Aircraft Systems (UAS).

The company manufactures Unmanned Aircraft Vehicles for Mapping, Security & Surveillance. These drones are capable of a wide range of mining area planning, and mapping applications. ideaForge UAVs help construction and real estate boost their operations. They also assist defense forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along borders.

ideaForge has two main software, namely:

  1. BlueFire Live!: It enables secure and live streaming of the UAV video feed and also allows payload control from a remote command location.
  2. BlueFire Touch: BlueFire Touch is a Ground Control Software (GCS). It is built to plan and command both mapping and surveillance missions with the ability to pre-plan missions based on operational area and target locations via waypoint-based navigation.

The company is a market leader in the Indian Unmanned Aircraft Systems (“UAS”) market with a market share of approximately 50% in fiscal 2022. It has the largest operational deployment of indigenous UAVs across India, with an ideaForge-manufactured drone taking off every five minutes for surveillance and mapping on average.

The company has been ranked 7th globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2022.

For year/ period ended ( in Cr.)

H1FY22 FY21 FY20
Total Revenue 196.40 161.45 36.34
Profit After Tax 31.99 44.01 -14.63
EPS 8.55 13.84 (5.03)
OPM (%) 21% 31% -40%
PATM(%) 16% 27% -40%


  • 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   our   software   and   solutions   and   product differentiators;
  • In-house design to delivery capabilities; and

Strong management capabilities with a demonstrated track record of delivering robust financial performance

  1. Repayment/prepayment of certain indebtedness availed by the company;
  2. Funding working capital requirements,
  3. Investment in product development, and
  4. General corporate purposes.

Mumbai-based ideaForge has been ranked seventh globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2022, while it is the largest in the country. It is backed by marquee investors such as Infosys, Qualcomm, Celesta, Florintree, EXIM Bank and Indusage Technology Venture among others. At the upper band of offer price, the IPO is valued at 78.5x. Hence, investors may subscribe it with a long-term perspective.

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