Drone maker ideaForge Technology made a stellar entry into the bourses as it got listed with a steep premium of 94 per cent over its issue price of Rs 672 and later settled at Rs 1,295.50 on the BSE, a gain of almost 93 per cent.

On the NSE, the scrip debuted at Rs 1,300, thus showing a sharp premium of 93.45 per cent and later ended at Rs 1,297.

Founded in 2007, ideaForge caters to customers with applications for surveillance, mapping and surveying.

Its customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments besides other civil customers.

The company has more than a decade of experience in operationalising UAVs.

According to the industry journal, Drone Industry Insights, ideaForge is ranked seventh globally in the dual-use category - civil and defence. It plans to expand to Bangladesh, Vietnam and Nepal.

Market circles said that the company’s market leadership in the unmanned aircraft systems market has driven investor interest in the stock. The drone sector is a nascent industry with enormous potential has also attracted investors.

The initial public offering (IPO) of the company was subscribed by 106.05 times last week. The Rs 567.24-crore share sale came in a price band of Rs 638-672 per share.

Revenue from operations increased 16.66 per cent from Rs 159.44 crore in 2021-22 to Rs 186.01 crore in 2022-23.