ideaForge Technology IPO Receives Strong Response from Investors

Mumbai, June 27, 2023 – ideaForge Technology Limited, a leading drone maker, has opened its initial public offer (IPO) for subscription on June 26, 2023. The IPO will remain open for bidding until June 29, 2023. The company has set the price band for the IPO at ₹638 to ₹672 per equity share. However, even before the IPO officially launched, shares of ideaForge Technology Ltd made their debut in the grey market. Market observers have noted that ideaForge shares are available at a premium of ₹490 per share in the grey market today.

The response from retail investors to the ideaForge IPO has been robust. At the end of the first day of subscription, the IPO was subscribed 3.69 times overall, with the retail portion being subscribed 12.48 times. The non-institutional investor (NII) category witnessed a subscription of 5.13 times, while the qualified institutional buyer (QIB) category was subscribed 1 percent.

Market observers have reported that the grey market premium (GMP) for ideaForge Technology IPO stands at ₹485, indicating an expectation of around a 70 percent listing gain from the public issue on the opening day of subscription.

The drone maker company aims to raise ₹567 crore through its public offer. The lot size for the IPO has been set at 22 company shares, allowing bidders to apply in lots. The tentative allotment date for ideaForge IPO is expected to be on July 4, 2023.

ideaForge Technology plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The likely date for share listing is July 7, 2023. Link Intime India Private Ltd has been appointed as the official registrar of the public issue.

Leading financial institutions have provided their reviews on the ideaForge IPO. Motilal Oswal has given a “subscribe” rating to the public offer, citing the company’s wide product portfolio, presence in a niche space, strong client relationships, and high entry barriers as key factors. They believe the issue is fairly valued and recommend subscribing to it. Marwari Financial Services also assigns a “subscribe” rating, considering the company’s pioneer status and market leadership in the Indian UAS (Unmanned Aerial System) industry. They highlight the company’s first-mover advantage and strong customer base, along with reasonable valuation and future growth potential.

Investors eagerly await the listing of ideaForge Technology on July 7, 2023, to see if the company can deliver on the anticipated listing gains.

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