Drone maker ideaForge debuted at a 94% premium at Rs 1,305 per share on the exchanges on Friday after the listing was moved up to July 7 from July 10. The Rs 633 premium beat grey market expectations by a large margin. As per BSE data, the company’s market cap stood at ₹5,438 crore.

The Rs 567 crore initial public offering (IPO), set at a price band of Rs 638 to Rs 672 apiece, was subscribed 50.30 times on the final day. The public issue included an offer for sale and a fresh issue. The proceeds will be used towards repayment and prepayment of loans, funding working capital requirements, investment in product development and general corporate purposes.

Promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri participated in the OFS, while other selling shareholders included A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius, and others.

The company, set up in 2007, manufactures and deploys drones with mapping, security and surveillance applications. It had catered 265 clients spanning Indian defence and civil customers, including some of the central armed police forces, state police departments, disaster management forces, forest departments and private contractors, as of May 2023.