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IdeaForge give stellar returns, listed at 94% premium.

IdeaForge give stellar returns

Indian drone maker Ideaforge, whose subscription closed on June 30, 2023, has been listed today (July 7, 2023) at a premium of 94% on the NSE from its IPO issue price of Rs 672. The stock has attracted strong responses from all types of investors, be they QIB, institutional, employees, etc., due to its market leadership in the Indian Unmanned Aircraft Systems (UAS) drone market and its lack of direct peers in the listed space. Ideaforge Technology enjoyed a market share of 50% in FY22. The proceeds from the fresh issuance will be used for repayment of certain indebtedness, funding working capital requirements, investment in product development, and general corporate purposes.

The IPO was oversubscribed more than 40 time at close, with the qualified institutional buyers (QIBs) portion subscribed 44 times; non-institutional investors subscribed more than 30%; retail individual investors (RIIs) subscribed more than 45%; and Employees bid for more than 7 lakh shares, or 58%, as compared to 13,112 reserved for employees, as per NSE.

Why did IdeaForge give such premium listing gains?

India's drone industry is expected to see a strong fiscal year, with nearly $50 million in investments, compared to $25 million in FY2021-22. This growth is attributed to government policies, which have led to investor enthusiasm in the sector as 90% of the Indian airspace is now accessible for drone use. The Indian government has liberalized the policy for exporting drones or unmanned aerial vehicles (UAVs) for civilian use, aligning with the country's Foreign Trade Policy for 2023. This move will enable the global sale of drones previously restricted for export under the Special Chemicals, Organisms, Material Equipment, and Technology (SCOMET) list. The SCOMET license was required for the export of such items, leading to obstacles in the country's drone industry. The revised policy now allows civilian drones and UAVs with a range of 25 km or less and a payload of 25 kg or less, excluding software and technology.

 

IPOs that were listed in the previous year and given spectacular returns

S. No. Company IPO Returns IPO price band Listing price Listing date
1 Phantom Digital Effects Ltd 400% Rs.91-95 Rs. 478.95 Oct 21-2022
2 Annapurna Swadisht Ltd 334% Rs.68-70 Rs.299 Sep 27,2022
3 Tapi Fruit Processing Ltd 311% Rs.48 Rs.198 Sep 22,
4 Upsurge Seeds of Agriculture Ltd 290% Rs.120 Rs.469 Aug 11, 2022
5 Remus Pharmaceuticals Ltd. 215% Rs.1150-1229 Rs.3719 May 29, 2023
6 MCON Rasayan India Ltd 200% Rs.40 Rs.120 Mar 20, 2023
7 Vasa Denticity Ltd. 195% Rs.121-128 Rs.368 June 2, 2023
8 Systango Technologies 181% Rs.85-90 Rs.253 Mar 15, 2023
9 Frog Cellsat Ltd 181% Rs.97-102 Rs.295 Oct 13, 2022
10 Kaynes Technology India Ltd 170% Rs.559-587 Rs.1567 Nov 22, 2022
11 Anlon Technology Solutions Ltd 163% Rs.95-100 Rs.262 Jan 10, 2023
12 Viviana Power Tech Ltd 163% Rs.55 Rs.145 Sep 16, 2022
13 Veekayem Fashion and Apparels Ltd 152% Rs.28 Rs.70 Aug 22, 2022
14 SKP Bearing Industries Ltd 150% Rs.70 Rs.176 July 13, 2022
15 Srivasavi Adhesive Tapes 141% Rs.41 Rs.101 Mar 9, 2023
16 Crayons Advertising Ltd 138% Rs.62-65 Rs.152 June 2, 2023
17 Quicktouch Technologies Ltd 137% Rs.61 Rs.141 May 2, 2023
18 Ducol Organics and Colours Ltd. 132% Rs.78 Rs.176 Jan 19, 2023
19 Infollion Research Services Ltd. 129% Rs.80-82 Rs.183 June 8, 2023
20 Homesfy Realty Ltd 125% Rs.197 Rs.442 Jan 2, 2023
21 Arhat Industries Ltd 114% Rs.42 Rs.87 Dec 15, 2022
22 Infinium Pharmachem Ltd. 113% Rs.135 Rs.288 Apr 17, 2023
23 Global Health Ltd 106% Rs.319-366 Rs.689 Nov 16, 2022
24 Syrma SGS Technology Ltd 103% Rs.209-220 Rs.446 Aug 26, 2022
25 Dreamfolks Services Ltd 102% Rs.308-326 Rs.658 Sep 6, 2022
26 ideaForge Technology Limited 94% Rs.638-672 Rs.1300 July 7 2023
27 Chaman Metallics Ltd.  90% Rs.38 Rs.70 Jan 16, 2023
28 Nirman Agri Genetics Share Price 64% Rs.99 Rs.154 Mar 28, 2023
29 Divgi TorqTransfer Systems Ltd 61% Rs.560-590 Rs.947 Mar 14, 2023
30 Mankind pharma 60% Rs.1026-1080 Rs.1707 May 9, 2023
31 Fusion Micro Finance Ltd 59% Rs.350-368 Rs.581 Nov 15, 2022

 

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