Incorporated in 2007, ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems (UAS) for mapping, security and surveillance.
Incorporated in 2007, ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems (UAS) for mapping, security and surveillance.Shares of ideaForge Technologies made a stellar listing on Dalal Street on Friday as the company got listed at Rs 1,305.10, a premium of 94 per cent against its issue price of Rs 672 apiece on BSE. Similarly, the stock was listed at a premium of 93 per cent at Rs 1305.10 on National Stock Exchange (NSE). A day before its listing, shares of ideaForge Technology were commanding a premium of Rs 510-520 per share in the grey markets, which is around 75-80 per cent higher from its issue price at Rs 672 apiece. However, the company delivered a better-than-expected listing pop on its debut, almost doubling investors' money. The Rs 567-crore IPO of ideaForge Technology, which was sold in the range of Rs 638-672, had received a bumper response from the investors during the four-day bidding process between June 26-30 fetching an overall subscribed 106.06 times. It became the first IPO after 2021 to get bids for more than 100 times. The quota reserved for qualified institutional bidders (QIBs) was subscribed a whopping 125.81 times, while the portion for non-institutional bidders (NIIs) was booked 80.58 times. The allocation of retail investors was subscribed 85.20 times, while the portion for employees fetched 96.65 times bids. Incorporated in 2007, ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems for mapping, security and surveillance. Mumbai-based ideaForge has been ranked seventh globally in the dual-use category (civil and defense) drone manufacturers. Mumbai-based ideaForge has been ranked seventh globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2022, while it is the largest in the country. It is backed by marquee investors such as Infosys, Qualcomm, Celesta, Florintree, EXIM Bank and Indusage Technology Venture among others.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)
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