Shares of ideaForge Technology slid as much as 10.2 percent on Monday (July 10), after nearly doubling on the debut as investors chose to book some profit post stellar listing. The fall in ideaForge Technology on the second day of trade is the biggest among stocks that had a stellar debut on bourses, data sourced from primedatabase.com show.

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Of the 11 issuance that garnered more than 100 percent on listing, eight of them ended in the red on the second day of trade. While the stocks of Indigo Paints and Mrs. Bectors Food Specialities declined about six percent on day 2, Happiest Minds Technologies and Indian Railway Catering & Tourism Corp (IRCT) saw their stocks falling up to three percent.

Interestingly, shares of Mrs. Bectors Food Specialities extended their fall for another six sessions after the stock gaining 106 percent on listing. The stock had cumulatively given up nearly 21 percent during the period. Similarly, Indigo Paints had three sessions of continues fall with a combined loss of 15.6 percent.

However, not every stellar debut followed a decline on the next session. Restaurant Brands Asia and Latent View Analytics were two aberrations where stocks surged another 20 percent after more than doubling on the first day of trade.

ideaForge Technology, which swung to profit in FY22, posted a net profit on Rs 32 crore in FY23, against Rs 44 crore reported a year ago. The revenue of the company surged 17 percent to Rs 186 crore in FY23.

While the Defence sector contributes 70 percent to the company’s top-line, the remaining 30 percent is generated from Civil and PLI. The stock is currently commanding a PE multiple of 52 times of its FY25 earnings, according to Bloomberg data.

The sample includes stocks which doubled on listing day with an issue size of at least Rs 100 crore.