Jobaaj Stories
On Friday, shares of the top drone manufacturer ideaForge were launched on the BSE at a hefty premium of 94.21%, or Rs 1,305.10 per share. The stock's NSE debut price of Rs. 1,300 was 93.45% higher than its IPO issue price of Rs. 672.
Despite having a high ask price, ideaForge had a solid response to its offer from investors of all types, mainly because it dominates the Indian market for unmanned aircraft systems (UAVs) and has no direct competitors in the listed sector.
In closing, 106 times the leading drone manufacturer in India's IPO had been subscribed. The retail individual investor (RII) quota was subscribed 85.1 times, the qualified institutional buyer (QIB) quota was subscribed 125.81 times, and the non-institutional investor (NIIS) quota was subscribed 80.5 times.
Shares of the firm traded on the unlisted market for a grey market premium (GMP) of Rs 515 prior to the listing.
With a market share of 50% in FY22, Ideaforge Technology is a market leader in India for unmanned aircraft systems (UAS). The business makes unmanned aerial vehicles (UAVs) for mapping, security, and surveillance.
These drones have a wide variety of surveying and planning capabilities for mining areas.
The stock was priced at Rs 1,305.10 a share when it was listed on the BSE, a significant increase over the IPO issue price of between Rs 638 and Rs 672. The National Stock Exchange's (NSE) opening price for the stock was Rs. 1,300 per share. The unicorn's market capitalization was Rs 5,407.80 billion.
According to information available from the Bombay Stock Exchange, the IPO was oversubscribed 3.69 times. The fraction of qualified institutional purchasers that were available to eligible non-institutional investors saw a subscription of 5.13 times, although only 34,760 bids were received for the 25,28,596 shares that were available.
(The news is in association with Economic Times)
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