There was a swanky new listing on the bourses today; Ideaforge Technology, as against the IPO price of Rs.672, the stock got listed on the BSE at Rs.1305.10 and on the NSE at Rs,.1300; this 94% premium listing is highest in 2023.

ideaForge, a 15 year old company, started by 3 IIT-B founders, is a full stack integrated UAS, with 25 patents (10 in India, 15 outside India) and manufacturing facility in Navi Mumbai, which can scale up 3x from the current level. Company enjoys 50% market share in Indian UAS industry, due to first mover advantage, having the largest operational deployment of indigenous UAVs (unmanned aerial vehicles) across India, with 1 flight taking off every 5 minutes for surveillance mapping.

The IPO had received a fantastic response, subscribing 106.6 times, with QIIs taking the lions share at 125.81 times, retail investors at 85.20 times and HNIs at 80.58 times.

In our IPO Analysis, we had concluded - presents an attractive opportunity in niche space, with the first full-fledged drone IPO to be listed on the mainboard of the stock exchanges.