Shares of ideaForge Technology surged up to nearly 5% during the early opening hours on Friday after the company announced winning an order for surveillance copters worth Rs 58 crores. 

ideaForge Technology shares opened at Rs 958.15 and jumped to an intraday high of Rs 979.55, nearly 5% higher than the previous closing price on the National Stock Exchange (NSE). At 11:40 pm, the stock was trading at 1.09% higher at Rs 943.55. 

As per the exchange filing dated September 21, the company said that it has received an order worth about Rs 58 crores or approximately $7 million, exclusive of GST, for the supply of 400 surveillance copters with accessories to M/s Strategic Marketing. The order is set to be executed within 12 months. 

The drone manufacturer’s Rs 567 crore initial public offering (IPO) came out earlier in June this year and received more than 100 times oversubscription. The IPO was launched at an issue price band of Rs 638-672 and was listed at a 93.45% premium at Rs 1,300.