NEW DELHI: Shares of
drone maker ideaForge Technology
made a strong debut on the stock exchanges on Friday, trading at a significant premium of 94% over its issue price of Rs 672. The stock opened at Rs 1,305.10 on the BSE, representing a substantial increase of 94.21%. On the NSE, it debuted at Rs 1,300, witnessing a sharp uptick of 93.45%.
ideaForge Technology’s initial public offering (IPO), which took place last week, received an overwhelming subscription of 106.05 times. The IPO, valued at Rs 567.24 crore, had a price range of Rs 638-672 per share.
ideaForge Technology, a company based in Mumbai and established in 2007, holds the distinction of having the most extensive deployment of homegrown Unmanned Aerial Vehicles (UAVs) throughout India.
The company has garnered support from renowned ventures and private equity investors, such as Qualcomm Asia, Infosys, and Celesta Capital.
ideaForge’s clientele encompasses various sectors, including the armed forces, central armed police forces, state police departments, disaster management forces, forest departments, and civil customers.
(With inputs from agencies)