ideaForge Technology listed today on the exchange at Rs 1300, marking an impressive 93.5 percent return for investors who invested in the IPO. The grey market premium suggesting that the stock could open around 1200 but markets have valued the drone manufacturer even higher on its debut. The company issued shares to retail investors for Rs 672.

ideaForge Technology IPO was oversubscribed by 106 times with retail investors placing 85 times the allocated quantity. For qualified institutional investors, the IPO was over subscribed by 125 times.

ideaForge manufactures drones for mapping, surveillance and security. ideaForge was founded by IIT Bombay alumni in 2007. The venture in unmanned aircraft systems (UAS) was earlier incubated at SINE IIT Bombay and CIIE, Ahmedabad. The core team includes people from various backgrounds including aviation, mechanical engineering and electronics.

The strong market debut could mean that the company remains among favorites of investors in technology space. ideaForge was having 50 percent market share in UAS for year 2022. With new funding and stock market listing, ideaForge will be able to improve its market share. The company plans to reduce its debt and to invest in innovation from the funds raised during IPO.