Ideaforge Technology Limited made a blockbuster debut on the stock market on Friday. The stock listed at ₹1,300 on the NSE, over 90% from its issue price of ₹672. The company, which was featured in the popular Bollywood movie ‘3 Idiots‘, launched its IPO last month and received a stellar response.

The Investment: If you had invested ₹14,784 in Ideaforge’s IPO, you would have been able to purchase 22 shares at the issue price of ₹672 per share. The Ideaforge IPO’s lot size was 22 shares, and if an investor wanted to subscribe to the IPO they would have had to buy a minimum of 1 lot.

So, if you did that, and were lucky enough to get the allotment, today, those shares would be worth ₹28,600, given the current market price of ₹1,300 per share. That’s a significant return of 93% on your investment.

See Also: IPO-Ready IdeaForge Aims To Make A Splash In The US With Its Drone Tech

Background: Ideaforge Technology, founded by IIT Bombay alumni, designs and manufactures drones for mapping, security, and surveillance applications. The company’s IPO, which aimed to raise ₹576 crore, was a significant event as it marked Ideaforge as the first drone company to issue a main board IPO.

The IPO experienced an extraordinary oversubscription of 106.06 times. The oversubscription ratios for different categories of investors in the IdeaForge Technology IPO were as follows: Institutional investors subscribed 125.81 times, non-institutional investors subscribed 80.58 times, retail investors subscribed 85.20 times, and employee reserved shares were oversubscribed by 96.65 times.

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Price Action: At the time of writing, Ideaforge’s share traded 0.79% lower from the listing price at ₹1,289.75.

Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.

Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.