Katya Naidu07 Jul 2023, 10:08
Drone maker IdeaForge made a strong debut on the exchanges, listing at ₹1,305 with a premium of 94% over its IPO price. It surpassed grey market expectations and its market cap was ₹5,438 crore. The company raised ₹567 crore from its IPO, which was subscribed 106 times the shares on offer. IdeaForge produces and deploys drones for mapping, security and surveillance purposes, and counts the Indian defence and civil customers, including the central armed police forces, among its 265 clients. Proceeds from the fresh issue will be used towards the repayment and prepayment of loans.