Drone maker IdeaForge Technology Ltd launched its qualified institutional placement (QIP) on Tuesday (July 7) to raise up to ₹500 crore. The company has set an indicative issue price of ₹835.86 per equity share, representing a 0.26% discount to its July 7 BSE closing price of ₹838. According to Livemint, the fundraising committee approved the launch on July 7, 2026, with the board of directors having earlier approved the fundraising on June 3. The company has fixed July 7, 2026, as the relevant date for the QIP. The company may, at its discretion, offer a discount of not more than 5% on the floor price for the issue.
Following the QIP announcement, IdeaForge Technology shares gained 4.64% to ₹876.95 on the BSE, as reported by Livemint. At 11:05 AM, the stock was trading 2.03% higher at ₹855.00 apiece on the BSE. The stock's performance reflects positive investor sentiment around the company's fundraising initiative and strong financial turnaround. The company is a market leader in the Indian unmanned aircraft systems (UAS) market and ranked 3rd globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2024.
Despite recent volatility, IdeaForge Technology has demonstrated exceptional long-term performance with 104% gains in three months, 80% in six months, and 48% in one year. As reported by Livemint, the stock has fallen 9% in one month but continues to show strong momentum. This performance trajectory reflects growing investor confidence in the company's business model and market position in the drone manufacturing sector.
IdeaForge Technology has successfully allotted 62,89,308 equity shares to eligible qualified institutional buyers at the issue price of ₹795 per equity share, as reported by Business Standard. This includes a discount of ₹40.86 per equity share (4.89% of the floor price) to the floor price, resulting in a premium of ₹785 per equity share. Post allotment, the paid-up equity share capital of the company stands increased to ₹496,855,970, consisting of 49,685,597 equity shares. The company plans to use the proceeds for debt repayment, funding its working capital gap, investment in product development, and general corporate purposes.
IdeaForge reported impressive financial results for the March quarter, with net profit of ₹59.99 crore on a consolidated basis compared to a net loss of ₹25.71 crore in Q4 March 2025. According to Business Standard, net sales soared 594.44% YoY to ₹141.04 crore in Q4 March 2026. EBITDA stood at ₹62 crore, compared to an EBITDA loss of ₹22 crore year ago. The strong performance was aided by stronger execution of defence orders, with 86% of fourth-quarter revenue coming from the defence segment.
