IdeaForge Tech Shares End At 92.78% Premium Over IPO Price On Debut
IdeaForge designs and manufactures drones for mapping, security, and surveillance applications.
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.
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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.
