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ideaForge Technology shares list at a premium of 93% at Rs 1,300 on NSE

Jul 7, 2023

By: BlinkX Research Team

Shares of leading drone maker ideaForge made a bumper listing on the stock exchange today. The shares of the company got listed at Rs 1,305.10 per share on BSE, with a premium of 94.21%. The stock debuted at Rs 1,300 on NSE, up 93.45%, over its IPO issue price of Rs 672.

The IPO of India's leading drone maker was subscribed 106 times at close. The quota reserved for retail individual investors (RIIs) was subscribed 85.1 times, qualified institutional buyers by 125.81 times and non-institutional investors(NIIS) by 80.5 times.

ideaForge attracted a strong response to its offer across investor categories mainly due to its market leadership in the Indian Unmanned Aircraft Systems (UAS) drone market and no direct peers in the listed space.

The company was subscribed 106 times on the last day. The quota reserved for retail individual investors (RIIs) was subscribed 85.1 times, qualified institutional buyers by 125.81 times and non-institutional investors(NIIS) by 80.5 times.

India's leading drone maker is backed by Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.

Source: Media reports