IdeaForge Technology IPO listing: Stock lists at a premium of 93% at ₹1,300 on NSE

Shares of drone manufacturer IdeaForge Technology Ltd listed at a premium on Friday, with the stock listed at 1,300 per share on the NSE, 93.5% higher than the issue price.

Dhanya Nagasundaram
First Published7 Jul 2023, 10:00 AM IST
IdeaForge Technology IPO lists on the bourses today.
IdeaForge Technology IPO lists on the bourses today.

IdeaForge IPO listing: Shares of IdeaForge Technology Ltd listed on the bourses at a premium on Friday. On the NSE, the stock was listed at 1,300 per share, 93.5 percent higher than the issue price, and on the BSE, the stock was listed at 1,305.10 per share.

The drone manufacturer set the price band for the IdeaForge IPO at 638 to 672 per equity share.

"IdeaForge Technology mada a tremendous entry into the market at a listing price of 1,300. This is a significant gain of around 93% for investors, as the company's issue price at the upper band was 672.

While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors should book profits and exit their positions. This is because after listing the stock is already trading at a significant premium to its issue price. Additionally, there are some business-related risks associated with the company, so it is better to lock in these gains now rather than take the risk of carrying them forward however, aggressive investors can still hold it with stop loss at 1,170," said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd.

The IPO that opened on Monday June 26 and closed on on Friday, June 30 was subscribed 50.30 times on the final day. The issue received overall very positive response from retail, employees, non institutional investors (NIIS), and qualified institutional buyer (QIBs). Retail investors portion was subscribed 64.48 times, and employee portion was subscribed 63.99 times.

The IdeaForge IPO has received excellent reviews from the street as a whole, and the market participants were anticipating today's Dalal Street launch to be spectacular. Further, they predicted that the share price of IdeaForge would start the day at least in the four figures, and in the event of bull, the public offering may treble the invested sum of the lucky allottees.

 The small size of the IPO and the enthusiastic response from investors, they continued, are sufficient to gauge the level of interest in the IdeaForge IPO.

ideaForge IPO listing date today. Experts, GMP signal four digit debut of shares

The company intended to raise 567 crore via the IPO, which included a 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.

In a pre-IPO transaction, the company raised approximately 60 crore. As a result, the size of the new issuance was cut from 300 crore to 240 crore.

Promoters Ashish Bhat, Amarpreet Singh, and Nambirajan Seshadri participated in the OFS, while other selling shareholders included A&E Investment LLC, Agarwal Trademart Pvt Ltd, Celesta Capital II Mauritius, and others.

The company plans to use the net proceeds of the new issuance to settle debts, meet working capital needs, invest in product development, and for general corporate reasons.

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: Issue subscribed 50.30 times on Day 3; check details

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First Published:7 Jul 2023, 10:00 AM IST
HomeMarketsStock MarketsIdeaForge Technology IPO listing: Stock lists at a premium of 93% at ₹1,300 on NSE

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