The shares of IdeaForge Technology Ltd. listed at Rs 1,305.10 apiece on the BSE, a premium of 94.21% to their IPO price of Rs 672 apiece. On the National Stock Exchange, the stock debuted at Rs 1,300, a 93.45% premium.
IdeaForge Tech shares ended at a premium of 92.78% over the IPO price, and it declined 0.74% from its listing price to end at Rs 1,305.10 apiece.
The initial public offering was subscribed 106.06 times. Institutional investors led the bidding, then employee-reserved, retail, and non-institutional investors. The Rs 567-crore IPO was fully subscribed on the first day.
IdeaForge is a vertically integrated company that designs and manufactures world-class drones for mapping, security, and surveillance applications. The company is a pioneer and pre-eminent market leader in the Indian unmanned aircraft systems market, with a market share of approximately 50% in fiscal 2022.
The company saw the largest operational deployment of indigenous unmanned aerial vehicles across India, with an IdeaForge-manufactured drone taking off every five minutes.
IdeaForge is ranked seventh globally in the dual-use category (civil and defence) drone manufacturers, according to a report by Drone Industry Insights last December.
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