The primary market is abuzz with a slew of companies hitting Dalal Street with their initial public offerings (IPO). The recently concluded ₹567-crore worth IdeaForge Technology IPO has been the talk of the town as the public issue witnessed robust demand from all sections of investors.
The public issue of the drone maker ideaForge Technology was subscribed by a massive 106.06 times during June 26 to June 30 as it received bids for 49.30 crore shares as compared to 46.48 lakh shares on the offer.
ideaForge Technology is the largest drone manufacturer with 50% market share in India. Analysts were positive on the company’s growth prospects given its complex product portfolio, presence in niche space, strong client relationship and high entry barriers.
Analysts believe the company could benefit from government impetus on the defence space as well as rising enterprise demand.
ideaForge Technology IPO GMP
According to market observers, ideaForge Technology IPO GMP today, or grey market premium today, is ₹510 per share. The GMP today is the same since July 1. However, it has fallen from ₹520 per share on June 30 and ₹530 on June 29.
Since June 19, the lowest GMP for ideaForge IPO was ₹450, while the highest was ₹575 per share, as per data from topsharebrokers.com.
What does this GMP mean?
ideaForge IPO GMP today is ₹510 per share, which means the shares of ideaForge Technology are trading at a premium of ₹510 to its IPO price in the unlisted market or grey market.
Considering the latest GMP and the IPO price of ₹672, the shares of ideaForge Technology are expected to be listed at ₹1,182 apiece on the exchanges. This is a gain of nearly 76% from the IPO price.
ideaForge Technology IPO listing date is likely to be on July 10, 2023.
ideaForge Technology IPO got a record subscription of 106.06 times.
The public issue was subscribed 85.20 times in the retail category and 125.81 times in the Qualified Institutional Investors’ (QIB) category. The Non-Institutional Investors (NII) portion got booked 80.58 by June 30, the last day of the bidding process.
Retail investors placed bids for shares worth more than ₹3,500 crore in ideaForge Technology IPO.
ideaForge Technology IPO details
The ₹567-crore IPO of drone manufacturer ideaForge Technology comprised of fresh issue of shares worth ₹240 crore and an offer for sale (OFS) of 48.69 lakh equity shares worth ₹327 crore by promoters and investors.
The price band for the IdeaForge IPO was ₹638 to ₹672 per equity share. In a pre-IPO transaction, the company raised approximately ₹60 crore. As a result, the size of the new issuance was cut to ₹240 crore from ₹300 crore.
JM Financial and IIFL Securities are the book-running lead managers for the ideaForge Technology IPO. Link Intime India is the IPO registrar.
ideaForge Technology IPO allotment is likely to be finalised on July 5 and initiation of refunds will take place on July 6. The shares will be credited to the demat accounts of eligible allottees on July 7 and the shares are likely to be listed on July 10.
