The share started to trade at Rs 1,300 on the NSE against the issue price of Rs 672, while the opening price on the BSE was Rs 1,305.10.

The listing price coordinated with analysts’ expectations. They expected a listing premium in the series of 50% to 75%, citing the vigorous subscription to the IPO, first-mover advantage, healthy defence manufacturing outlook and robust products portfolio with 50% market share in the national drone industry. The trading premium in the grey market was around 75%.

The healthy equity market situation also boosted confidence among participants. The BSE Sensex and Nifty surpassed 15% and 16%, respectively, since March lows and are at fresh record highs.

The public issue by Ideaforge was subscribed 106.6 times, with qualified institutional investors purchasing 125.81 times the allotted quota, retail investors 85.20 times and high net-worth individuals 80.58 times the shares set aside during June 26-30.

The drone manufacturing business mopped up Rs 567 crore via the IPO with a fresh issue of Rs 240 crore. The offer for sale portion was Rs 320 crore. The price band was Rs 638-672 per share.

The firm manufactures unmanned aircraft vehicles for mapping, security, and investigation. These drones are proficient in various mining area preparation and mapping applications. It also helps firms in the construction and real estate sector lift their operations and assist defence forces in directing intelligence, surveillance and reconnaissance or ISR operations along borders.

As of May 2023, Ideaforge assisted 265 customers counting central armed police forces, state police divisions, disaster management forces, forest departments, and private contractors, with the smart cities project. It holds an order book of Rs 192.3 crore as of March 2023.

Ideaforge is backed by stockholders which include Infosys, Qualcomm Celesta Capital II Mauritius, Asia Pacific, Celesta Capital II-B Mauritius, Florintree Enterprise LLP, Export-Import Bank of India and Infina Finance.