Ideaforge closes with 93% gain on Day 1: All you need to know
Ideaforge Technology ended 93% higher on the bourses following a stellar debut on Friday. The dronemaker's stock opened at Rs 1,305.10 on the Bombay Stock Exchange, a whopping premium of 94.21%.
On the National Stock Exchange, it listed at Rs 1,300, a 93.45% gain over its issue price of Rs 672. The company drew a rousing response from Dalal Street, mainly due to its leadership of the country’s unmanned aircraft systems (UAS) market and also as it has no listed competitors as yet.
Here’s all you need to know about Ideaforge and its initial public offering (IPO).All about the IPO Ideaforge delighted the markets on June 27 when its IPO was oversubscribed within hours of opening. The issue was subscribed 106 times at close.
The quota reserved for retail individual investors (RIIs) was subscribed 85.1 times, that for qualified institutional buyers by 125.81 times and non-institutional investors (NIIS) by 80.5 times. Ahead of the listing, the company's shares commanded a grey market premium (GMP) of Rs 515 in the unlisted market.How will Ideaforge use the money? The drone maker, backed by the likes of Infosys, Qualcomm, Celesta, EXIM Bank and Indusage Technology Venture Fund, among others, aims to use Rs 50 crore from its fresh issuance for repayment of certain debts availed by the company, Rs 135 crore to meet working capital requirements, and Rs 40 crore for investment in product development and for general corporate purposes.Ideaforge’s flight in the drone sector Founded by IIT Mumbai alumni Ankit Mehta, Rahul Singh, Ashish Bhat and Vipul Shah in 2007, Ideaforge has grown to become one of the biggest drone manufacturers in the country.
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