ideaForge Technology, whose Rs 567 crore initial public offer (IPO) received a robust response from the investors during the bidding process, is expected to announce its allotment of shares on Wednesday, July 5, 2023. ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems (UAS) for mapping, security and surveillance. These drones are capable of a wide range of mining area planning, and mapping applications
The IPO of the unmanned aircraft systems manufacturer company received a super strong response from the investors and was overall subscribed 106.06 times. The issue was open for subscription between June 26-30 in the price range of Rs 638-672 per share. Last head, ideaForge Technology was commanding a premium of Rs 510 in the grey market
The quota reserved for qualified institutional bidders (QIBs) was subscribed 125.81 times, while the portion for non-institutional bidders (NIIs) was booked 80.58 times. The allocation of retail investors was subscribed 85.20 times, while the portion for employees was booked 96.65 times
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website. You need to visit the BSE website, and under the issue type, click Equity, then select ideaForge Technology Limited in the dropbox under the issue name. Write the application number, add the PAN card ID and click on 'I am not a Robot' and hit submit to check allotment status
Investors can also check the allotment status on the online portal of Link Intime India Private Limited. Go to the web portal of Link Intime, and select the IPO in dropbox whose name will be populated only if the allotment is finalised. You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID. In application type, select between ASBA and non-ASBA and enter the details of the mode you selected. Fill the captcha and hit submit
Bidders who could not get allotment in the IPO may see the initialisation of refunds on Thursday, June 6. Others, who would be allotted shares may see the credit of shares, in the Demat account by Friday, June 7. The listing of the IPO is likely on Monday, June 10
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
ideaForge was founded in 2007 by IIT Bombay alumni Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat. The unmanned aerial vehicle (UAV) firm, now one of the largest dronemaker in India, had humble beginnings in IIT-Bombay’s innovation cell. The company was built with a mission to develop technically superior UAVs for intelligence, surveillance, and reconnaissance (ISR), utilising modern advancements in aerospace and robotics
In a media interview in 2021, one of the co-founders Ankit Mehta had revealed that ideaForge was bolstered in its resolve to use its UAV drone technology for security use in the aftermath of the 2008 Mumbai terror attacks. Over the years, ideaForge has showcased its knack for innovative solutions. It made its mark as the first in India to develop and manufacture vertical take-off and landing (VTOL) drones
Ideaforge has been backed by several marquee investors, including Qualcomm Asia Pacific, Infosys, and Celesta Capital. Florintree Enterprise LLP, backed by former Blackstone India Head Mathew Cyriac, is one of the largest shareholders in the company with 11.85% stake. Venture capital investor Celesta Capital holds 12.78% stake in the company, while Infosys has 4.25% stake, and Qualcomm Asia owns 3.63%