Share Market: Strong entry of ideaForge, profit of more than Rs 600 per share

The IPO of ideaForge has opened for investors in the market today. There has been a rise in the stock of this company since this morning. The drone maker has given a strong entry into the market. Today its IPO has been listed on BSE.
The company had fixed a price band of Rs 672. The investors of this company have given a lot of profit. Now there is a profit of Rs 633.10 on each share. This means that now the company is earning a profit of 94.21 percent.
The company's scrip was listed at Rs 1,305.10 on the BSE, showing a gain of 94.21 percent. At the same time, its stock started at Rs 1,300 on the NSE. It saw a sharp increase of 93.45 percent.
The drone maker had opened an IPO of Rs 567 crore from June 26 to June 30. In this, shares worth Rs 240 crore were issued. The rest of the shares were opened by the company for an offer for sale. The company has received an excellent response from investors.
The company has received a total subscription of 106.06 times. It has got 125.82 times by qualified institutional investors and 80.58 times by non-institutional investors. At the same time, 80.58 times the retail investor has invested.
The company will use the proceeds from this IPO to purchase drones, meet capital expenditures, and general corporate purposes.
This company is located in Mumbai. It was established in 2007. It has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India. Multiple private equity investors in the company such as Qualcomm Asia, Infosys, and Celesta Capital back it. Its customers include Armed Forces, Central Armed Police Forces, State Police Departments, Disaster Management Forces, and Forest Departments.