ideaForge Technology makes stellar debut; shares list with 94% premium

New Delhi: Shares of drone maker ideaForge Technology on Friday got listed on the bourses with a huge premium of 94 per cent over its issue price of Rs 672.

It listed at Rs 1,305.10, reflecting a steep jump of 94.21 per cent on the BSE.

On the NSE, the scrip made its debut at Rs 1,300, witnessing a sharp uptick of 93.45 per cent.

The initial public offering (IPO) of ideaForge Technology Ltd last week received a whopping 106.05 times subscription.

The Rs 567.24-crore initial share sale had a price range of Rs 638-672 a share.

Founded in 2007, the Mumbai-based company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.

The drone maker's customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.