IdeaForge shares have nearly doubled investors’ wealth on debut on Friday, with a 94% listing pop, fetching investors the biggest Day 1 gains by any IPO so far this year. Analysts advised investors to book profits, while they said aggressive investors can hold the stock. Prashanth Tapse, Sr VP Research at Mehta Equities, mentioned that ideaForge became the first public issue since 2021 to get more than 100 times subscription with a strong market undertone. However, he also highlighted that the valuation would be stretched and recommended allotted investors to book profits on the listing day. Anubhuti Mishra, Equity Research Analyst at Swastika Investmart, suggested that the stock is trading at a significant premium to its issue price after the listing and recommended investors to lock in the gains. Mishra also emphasized that there are some business-related risks associated with the company. ideaForge primarily caters to customers with applications for surveillance, mapping, and surveying. Its customers include armed forces, central armed police forces, state police departments, disaster management forces, forest departments, and other civil customers. It is one of the first few companies in India to enter the UAV market. The Mumbai-based company is backed by marquee investors, including Infosys, Qualcomm, and Celesta. The government has implemented several laws and policies to address both the supply side and demand side issues in the drone industry. Experts believe that India has a remarkable opportunity to target approximately 1.8 lakh crore of total domestic manufacturing potential from the UAS space. The proceeds from the fresh issuance by ideaForge will be utilized for repayment of certain indebtedness, funding of working capital requirements, investment in product development, and general corporate purposes.