MUMBAI, 7^th JULY, 2023 (GPN): Mumbai-based Drone maker ideaForge Technology is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market, with a market share of approximately 50% in fiscal 2022, makes a strong debut on the exchanges to close 90% premium.

The scrip listed Rs 1305.10 per share on BSE and Rs 1300 per share on NSE, at a premium of 94.21% and 93.45% respectively. The company’s share price closed at Rs 1295.5 per share on the BSE, a 92.78% premium, and at Rs 1297 per share on the NSE, a 93.01% premium.

As per NSE, the total quantity traded stood at 97.12 lakh shares, on BSE the total Quantity stood at 6.5 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1347.25 crore.

The Market Capitalization of the Company at today’s closing price stood at Rs. 5398.43 Crore as per BSE and Rs. 5404.68 Crore as per NSE.

Mr. Ankit Mehta, CEO – ideaForge Technology Limited said “We are thrilled on the successful listing of our shares and faith the market has resposed on our journey, business and the market opportunity. This milestone represents a significant achievement for our company and reflects the hard work and dedication of our team. We are excited about the opportunities that lie ahead and remain committed to delivering long-term value to our shareholders.”

The Mumbai-based company had the largest operational deployment of indigenous UAVs across India, with its drone manufactured taking 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 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. It is one of the first few companies in India to enter the UAV market and ranks 7^th globally in the dual use category i.e civil and defence as per the report published by Drone Industry Insights in December 2022.

The Company was incubated by the Society for Innovation and Entrepreneurship (“SINE”), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad.

The drones they manufacture 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.

Comparing the last 2 fiscals, its revenue from operations increased by 16.66% from ₹159.44 crore in the Fiscal 2022 to ₹186.01 crore in the Fiscal 2023, whereas profit after tax stood at Rs 31.99 crore in Fiscal 2023.

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.Ends