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IdeaForge Technology makes stellar market debut with 94 pc listing gains – World News Network

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New Delhi [India], July 7 (ANI): Party time for those who have invested in initial public offerings of IdeaForge Technology, as the company on Friday made its stock market debut with a sharp premium over its issue price.
It listed on the stock markets at Rs 1,305 against its issue price of about Rs 672, thus accumulating 94 per cent listing gains for the investors.
IdeaForge Techology, a startup incorporated in 2007, is into drone manufacturing.
During the stipulated window for the public issue worth Rs 567 crore which closed on June 30, the the company’s IPO received a stunning 106 times subscription across investor categories.
The portion reserved for Qualified Institutional Buyers was subscribed 125 times, Non-Institutional Buyers 80 times, retail investors 85 times, and Employees 96 times.
“While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors should book profits and exit their positions,” said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd, arguing that the shares are already trading at a significant premium to its issue price.
“Additionally, there are some business-related risks associated with the company, so it is better to lock in these gains now rather than take the risk of carrying them forward however, aggressive investors can still hold it with stop loss at 1170,” Anubhuti Mishra added.
The central government is focused on the drone ecosystem for various use cases, including defence, health, and agriculture. There is also a provision for financial assistance by the central government for the purchase of agricultural drones.
Taking another step towards realising the vision of an Aatmanirbhar Bharat, the central government had in 2021 approved the Production-Linked Incentive (PLI) scheme for drones and drone components.
Apart from the PLI Scheme, Government of India has carried series of reforms to make India a global drone hub by 2030. These include notification of the liberalised Drone Rules, 2021; publishing of Drone Airspace Map 2021 which opens nearly 90 per cent of Indian airspace as a green zone upto 400 feet, UAS Traffic Management (UTM) policy framework 2021; Drone Certification Scheme 2022 which makes it easier for drone manufacturers to obtain a type certificate; Drone Import Policy, 2022 which bans import of foreign-made drones; and the Drone (Amendment) Rules, 2022 which abolishes the requirement of a drone pilot licence for drone operations. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


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