ideaForge Shares Drop 4% To Hit Fresh All-Time Low

Shares of drone manufacturing startup IdeaForge has dropped 4.3% to touch a new all-time low of INR 366.80 apiece on the BSE during intraday session today (February 18).

The stock was down 3.4% at INR 370.25 per share on the BSE as of today’s close, compared to its previous close of INR 383.35 from yesterday (February 17).

The company’s market capitalisation currently stands at INR 1,591.48 Cr (above $183 Mn).

Weeks ago, the startup’s shares last hit its lowest of INR 390.20 apiece after reporting its third quarter financial results for FY25.

The drone tech company posted a consolidated net loss of INR 24.02 Cr in Q3 FY25, as against a net profit of INR 14.80 Cr, from a year ago. Meanwhile, operating revenue crashed 81% to INR 17.61 Cr during the quarter under review from INR 90.89 Cr in Q3 FY24.

Since the start of this year, the company has lost 38.6% in share value.

On the other hand, the drone maker’s board has approved an allotment of 31,716 equity shares under its existing employee stock option plan (ESOP), earlier this month. Prior to that, ideaForge also allotted 8,198 equity shares under the same scheme, in January.

Founded in 2007 by IIT Bombay graduates Mehta, Ashish Bhat, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is one of the pioneering drone manufacturers and startups in the country. Its shares listed on the Indian bourses in July 2023.

In fact, its shares listed at a 94% premium to the issue price after its public issue was oversubscribed 106X.

However, shares of ideaForge witnessed a sharp decline post listing and has currently closed trading 71.6% lower than the listing price of INR 1,305.10 on the BSE.

This was the 12th consecutive session when the stock ended in the red, losing almost 23% in value, as of today’s close.

Previously, the company’s stock had a similar track of trend of loss, where it ended 12 sessions from January 29, 2024 until February 13 in red.