Investor Money Nearly Doubles On Listing

The company’s share price closed at Rs 1295.5 per share on the BSE, a 92.78% premium, and at Rs 1297 apiece on the NSE, a 93.01% premium.

MUMBAI, July 07 (The CONNECT) – Mumbai-based Drone maker ideaForge Technology today made a strong debut on the exchanges to close 90% premium. The scrip listed Rs 1305.1 per share on BSE and Rs 1300 per share on NSE, at a premium of 94.21% and 93.45% respectively.

The company’s share price closed at Rs 1295.5 per share on the BSE, a 92.78% premium, and at Rs 1297 apiece on the NSE, a 93.01% premium.

As per NSE, the total quantity traded stood at 97.12 lakh shares, on BSE the total Quantity stood at 6.5 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1347.25 crore.

The Market Capitalization of the Company at today’s closing price stood at Rs. 5398.43 Crore as per BSE and Rs. 5404.68 Crore as per NSE.

Ankit Mehta, CEO – ideaForge Technology Limited said this milestone represents a significant achievement for the company and reflects the hard work and dedication of our team

The drone maker has the largest operational deployment of indigenous unmanned aircraft systems across India. The drones manufactured by it takr off every five minutes on average for surveillance and mapping. It is one of the few original equipment manufacturers (OEMs) in the world that has its own exclusive autopilot sub-system and ground control software and takes full integration of its payloads, communication system and packaging.

Showcasing UAV SWITCH

Founded in 2007 and led by first generation entrepreneurs, ideaForge primarily caters to customers with applications for surveillance, mapping and surveying. Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers. It is one of the first few companies in India to enter the UAV market and ranks 7th globally in the dual use category i.e civil and defence as per the report published by Drone Industry Insights in December 2022.

The Company was incubated by the Society for Innovation and Entrepreneurship (SINE), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad.

JM Financial Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.