IdeaForge stock rises 5% after board approves ₹500cr plan
IdeaForge's stock shot up 5% on Thursday, right after the company announced it plans to raise up to ₹500 crore.
The board has approved several ways to get the funds, like selling shares or issuing debentures and all this was revealed in a regulatory filing on June 3.
It's a pretty bold move that got investors excited.
IdeaForge Q4 profit ₹60cr revenue ₹141cr
The fundraising plan includes a greenshoe option, so if investor demand is high, they can actually raise even more money.
IdeaForge just posted strong Q4 numbers: net profit hit ₹60 crore (a big turnaround from last year's loss), and revenue soared over seven times to ₹141 crore, thanks mostly to defense orders.
With all this momentum, brokerage IIFL upgraded the stock and raised its target price from ₹271 to ₹1,187.
The share price itself has almost doubled since January, now sitting at ₹900.