Florintree Dumps ideaForge Shares Worth INR 70 Cr

SUMMARY

Florintree Enterprise LLP offloaded over 20.18 Lakh shares of ideaForge, or about 4.7% of the stake in the drone tech company, through a mix of bulk and block deals

The shares that flooded the market were lapped up by Blue Diamond Properties at INR 344.95 apiece

ideaForge reported a net loss of INR 20 Cr in Q3 FY25 on operating revenue of INR 18 Cr

Florintree Enterprise LLP offloaded over 20.18 Lakh shares of IdeaForge, or about 4.7% of the stake in the drone tech company, through a mix of bulk and block deals.

The size of the deals amount to an aggregate of INR 69.62 Cr, as per NSE data.

Florintree divested 10,09,221 shares of ideaForge via a block deal yesterday. The floor price for the deal was set at INR 344.95 per share, representing a 0.6% discount to the stock’s last close.

In a separate bulk deal, it dumped an additional 10,09,221 shares of the drone manufacturer at INR 344.95 per share.

The shares that flooded the market were lapped up by Blue Diamond Properties.

This follows a significant transaction that took place on Thursday (March 27), when Motilal Oswal Mutual Fund sold over 3.1 Lakh shares of ideaForge in a bulk deal worth INR 10.67 Cr.

ideaForge IPO And The Journey So Far

Founded in 2007 by Ankit Mehta, Rahul Singh and Ashish Bhat, ideaForge manufactures unmanned aerial vehicles (UAVs) or drones, catering to sectors such as defence, agriculture, and enterprise, among others.

Its product portfolio comprises drones such as Switch, Netra V4+ and the Q Series, which can be used for surveillance, mapping and industrial inspection.

ideaForge made a bumper stock market debut in 2023, with its shares listing at 1,305.10 on the BSE, a premium of 94.21% against the issue price of INR 672. Almost two years later, the drone manufacturer is gripped by uncertainties.

After continuous degrowth in its bottom line since the December quarter of the last fiscal (Q3 FY24), the drone tech company once again slipped into the red in Q2 FY25. Its losses ballooned 42% quarter-on-quarter to INR 24.02 Cr in Q3 FY25. Operating revenue also slumped 53% to INR 17.61 Cr on a sequential basis.

According to ideaForge CEO Mehta, the company’s top line and bottom line were impacted due to low government spending and the “tedious and time straining” contract allocation process.

ideaForge shares have suffered due to weak earnings. The stock has tanked nearly 50% over the past one year, while the year-to-date performance shows a 45% drop. Over the last six months, the stock is down 51% and the three-month decline stands at 40%.

Share of ideaForge closed 0.60% higher at INR 346.30 apiece on the BSE yesterday.