idea Forge shares settle lower on debut
Shares of drone maker idea Forge Technology ended lower after a remarkable market debut in early trade on Friday amid the emergence of profit-taking at the counter. The stock began the trade at Rs1,305.10, reflecting a steep jump of 94.21 per cent from the issue price of Rs672 on the BSE
image for illustrative purpose
New Delhi: Shares of drone maker idea Forge Technology ended lower after a remarkable market debut in early trade on Friday amid the emergence of profit-taking at the counter. The stock began the trade at Rs1,305.10, reflecting a steep jump of 94.21 per cent from the issue price of Rs672 on the BSE. During the day, it climbed to a day’s high of Rs1,344. However, profit-taking at the counter pushed the stock down and it ended lower at Rs1,295.50 apiece, down by 0.74 per cent from the issue price. On the NSE, shares of the Mumbai-based company started the trade at Rs1,300, witnessing a sharp uptick of 93.45 per cent. However, the stock closed at Rs1,297, lower by 0.23 per cent. The company commanded a market valuation of Rs5,398.43 crore. The initial public offering (IPO) of idea Forge Technology Ltd last week received a whopping 106.05 times subscription. The Rs567.24-crore initial share sale had a price range of Rs638-672 a share.
Founded in 2007, the company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.
