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Drone manufacturer ideaForge Technologymade a stellar debut on the Bombay Stock Exchange (BSE) on Friday, with its shares listing at an impressive premium of 93.45% to its issue price.

The stock was listed at Rs 1,305.10 per share on the BSE, marking a substantial leap from the IPO issue that was in the range of Rs 638 to Rs 672. The stock opened at Rs 1,300 per share on the National Stock Exchange (NSE).

The market capitalisation of the unicorn stood at Rs 5,407.80 crore.

The IPO was oversubscribed 3.69 times, according to data obtained from the Bombay Stock Exchange. The non-institutional investors’ portion experienced a subscription of 5.13 times, while qualified institutional buyers demonstrated minimal interest, with only 34,760 bids received against a total of 25,28,596 shares on offer.

Retail investors showed more confidence, oversubscribing the retail portion 12.48 times. Additionally, shares allocated for employees were oversubscribed by 8.47 times.

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ideaForge IPO to open on June 26, fixes price band of Rs 638-672 per share

The funds raised through the IPO will be utilised for various purposes, including the repayment of existing debt, fulfilling operational capital requirements, and driving investments in product development and general corporate objectives.

Having previously garnered support from investors such as Qualcomm Ventures and Infosys, ideaForge stands as one of the oldest startups in India.

The company traces its roots back to 2007 when it was conceived as an incubated project at IIT Bombay. Co-founded by Ankit Mehta, Rahul Singh, Vipul Joshi, and Ashish Bhat, ideaForge has established itself as a key player in the production of drones for civil and defence use.

The company, which holds a licence from the Ministry of Defence for manufacturing unmanned aerial vehicles (UAVs), it was among the select 23 startups chosen to participate in the central government’s Production Linked Incentive scheme for drone companies.