ideaForge share: Drone stock hits new low, dips 30% in three month after dream debut. Experts see more correction

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ideaForge share: The initial public offering (IPO) of ideaForge Technologies Limited were launched in last week of June 2023. The book build issue was offered at a price band of ₹638 to ₹672 per equity share. The public issue received strong response from investors and it listed at whopping listing premium on BSE and NSE in July 2023.

ideaForge shares listed on BSE at ₹1,305 levels whereas it listed on NSE at ₹1,300 apiece levels, delivering over 100 per cent return to the lucky allottees. However, after dream debut on Dalal Street, this drone stock has remained an ideal 'sell on rise' stock in the Indian stock market in the lst three months. PNB share price hits 52-week high, rises 80% in six months.

Do you own? ideaForge share price today opened higher at ₹933 apiece levels on NSE but profit booking trigered within few minutes of stock market's opening bell today. After sell off trigger, ideaForge shares went on to hit intraday low of ₹917.45 per share on NSE, which is new life-time low of the drome maker company share. Click here to read Stocks to Watch: Tata Steel, Wipro, Strides Pharma, HDFC AMC, Sheela Foam On why ideaForge shares are nosediving, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "ideaForge Technologies IPO was overhyped and hence it witnessed heavy profit booking after dream debut on Dalal Street.

Now, the stock has two kinds of buyers — those who got ieeaForge shares through allotment process before listing and those who bought shares post-listing. Allottees are still in profit as the issue was priced at ₹672 per share (upper price band). So, there is nothing wriotn with valuations of the public issue.