The initial public offering (IPO) of ideaForge Technology Limited has generated significant interest among investors, with the subscription numbers indicating a strong response. The drone maker company aims to raise 567 crore from its public offer, which has been met with enthusiasm in both the retail and institutional categories. Here are the key details and insights about the ideaForge Technology IPO:
- Subscription Status: By 05:00 PM on the first day of bidding, the ideaForge IPO has been subscribed 3.69 times overall. The retail portion has witnessed an impressive subscription of 12.48 times, while the employee category saw a subscription of 8.47 times. In the Non-Institutional Investor (NII) category, the public issue has been subscribed 5.13 times, with the Qualified Institutional Buyers (QIB) portion showing a subscription of 1%.
- Grey Market Premium (GMP): The grey market is already indicating a positive outlook for ideaForge shares, with a premium of ₹450 per share. This suggests a potential listing gain of around 70% from the IPO's subscription opening date.
- Price Band: The ideaForge IPO has set a price band of ₹638 to ₹672 per equity share, allowing investors to participate within this range.
- Allotment and Listing Dates: Following the closure of subscription, the ideaForge IPO allotment date is expected to be on 4th July 2023. The company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on 7th July 2023.
- IPO Size: ideaForge Technology aims to raise 567 crore through its IPO, which will contribute to the company's growth and expansion plans.
- Lot Size: Investors will have the opportunity to apply in lots, with one lot consisting of 22 company shares.
- Registrar: Link Intime India Private Ltd has been appointed as the official registrar for the ideaForge IPO.
Expert Recommendations: Leading analysts have shared their insights on the ideaForge IPO, offering a positive outlook and recommending investors to consider subscribing to the public offer. They highlight the company's wide product portfolio, niche market presence, strong client relationships, and high entry barriers. The IPO is deemed fairly valued compared to peers, and analysts believe that ideaForge can benefit from government initiatives in the defense sector and increasing enterprise demand.
Conclusion: The ideaForge Technology IPO presents a promising investment opportunity, attracting substantial interest from retail and institutional investors. With strong subscription numbers and favorable market predictions, the company's debut on the stock exchanges is anticipated to be accompanied by listing gains. As always, it is advisable for investors to consult certified experts before making investment decisions.
Disclaimer: The views and recommendations mentioned in this article are those of individual analysts and not representative of Mint. It is advised to seek advice from certified experts before making any investment decisions.