ideaForge Technology, the top drone manufacturer in India, had a successful stock market launch. ideaForge Technology Ltd. shares were listed at a premium on the stock exchanges. The stock was listed at 1,300 per share on the NSE, which is 93.5% more expensive than the issue price, and at 1,305.10 on the BSE. The price range for ideaForge's first public offering was set at 638 to 672 rupees per equity share.
ideaForge IPO Subscription
All types of investors responded favorably to ideaForge's Rs 567.24 crore initial public offering (IPO), which saw 106 times the amount of the total issue subscribed. The non-institutional investors component was subscribed 80.58 times, compared to 125.81 for qualified institutional buyers. Good participation was seen in the retail component, which received 85.20 subscriptions. There were 96.65 subscriptions in the employee category.
About ideaForge Technology
ideaForge Technology, which was founded in 2007, manufactures unmanned aircraft systems for mapping, security, and surveillance. In terms of drone producers for dual-use (civil and defence), Mumbai-based ideaForge is rated eighth internationally.
With a market share of over 50% in fiscal 2022, ideaForge is the industry innovator and undisputed market leader in India for unmanned aircraft systems (UAS). As of the fiscal year 2023, they have the highest operational deployment of domestic UAVs across India, with an ideaForge-made drone typically taking off every five minutes for surveillance and mapping. As of March 31, 2023, its clients had flown more than 350,000 times utilizing the company's UAVs.