New Delhi, Jul 7 (PTI) Shares of drone maker ideaForge Technology ended lower after a remarkable market debut in early trade on Friday amid the emergence of profit-taking at the counter.

The stock began the trade at Rs 1,305.10, reflecting a steep jump of 94.21 per cent from the issue price of Rs 672 on the BSE. During the day, it climbed to a day's high of Rs 1,344.

Also Read | Leqembi, First Alzheimer’s Drug Proven to Slow the Disease’s Progression, Gets Full FDA Approval in US, Medicare Will Now Pay for It.

However, profit-taking at the counter pushed the stock down and it ended lower at Rs 1,295.50 apiece, down by 0.74 per cent from the issue price.

On the NSE, shares of the Mumbai-based company started the trade at Rs 1,300, witnessing a sharp uptick of 93.45 per cent. However, the stock closed at Rs 1,297, lower by 0.23 per cent.

Also Read | Employment News: Maharashtra Added 30% of New Jobs in India in Last Five Years, Says Official.

The company commanded a market valuation of Rs 5,398.43 crore.

In the broader market, benchmark stock indices Sensex declined by 505 points at close while Nifty settled lower at the 19,330 points.

The initial public offering (IPO) of ideaForge Technology Ltd last week received a whopping 106.05 times subscription. The Rs 567.24-crore initial share sale had a price range of Rs 638-672 a share.

Founded in 2007, the company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.

The drone maker's customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.

JM Financial and IIFL Securities were the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)