The IPO, which comprised a fresh equity issue of Rs 240 crore and an offer for sale (OFS) of 48.6 lakh shares, was subscribed over 100 times on strong institutional and retail interest.
IdeaForge, India s leading drone maker, made a bumper listing in its stock debut, skyrocketing 94.21% to Rs 1,305.10 per share on BSE, while it debuted at Rs 1,300 on NSE. Despite expensive valuations, the drone maker attracted strong responses to its IPO offer, with subscription levels reaching 106 times at close. The company aims to utilise the proceeds from its fresh issuance mainly for working capital requirements and product development, among others.
While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors should book profits and exit their positions," said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart.
ideaForge Technology to list on bourses today - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Shares of India s leading drone maker, ideaForge, are expected to list at a premium of 75-80% on the exchanges on Friday, after commanding a grey market premium of Rs 515 (approx. $7) in the unlisted market. Despite its expensive valuation, the IPO was subscribed 106 times and attracted a strong response from investors, particularly