ideaForge Technology IPO: GMP drops, focus shifts to allocation, listing date

The primary market is dominated by a large number of companies offering their initial public offerings (IPOs) on Dalal Street. Recently concluded 567-crore IPO of IdeaForge Technology has been the talk of the town as the public issue was witnessed by an entire group of investors.

The primary market is dominated by a large number of companies offering their initial public offerings (IPOs) on Dalal Street. Recently concluded 567-crore IPO of IdeaForge Technology has been the talk of the town as the public issue was witnessed by an entire group of investors.

From June 26 to 30, the public issue of drone maker IdeaForge Technology was subscribed 106.06 times, as it received offers for 49.30 crore shares, compared to 46.48 lakh shares in the offer.

From June 26 to 30, the public issue of drone maker IdeaForge Technology was subscribed 106.06 times, as it received offers for 49.30 crore shares, compared to 46.48 lakh shares in the offer.

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ideaForge Technology is the largest drone manufacturer with 50% market share in India. Analysts were positive about the company’s growth prospects given its complex product portfolio, niche presence, strong customer relationships and high barriers to entry.

Analysts believe the company could benefit from the government’s defense push as well as growing corporate demand.

ideaForge Technology IPO GMP

According to market watchers, ideaForge Technology’s IPO is GMP today or gray market premium today 510 per share. The MRL today is the same since July 1. However, it has decreased from 520 per share on June 30 and 530 on June 29.

Since June 19, ideaForge IPO had the lowest GMP 450, while the highest was 575 per share, according to data from topsharebrokers.com.

What does this GMP mean?

ideaForge IPO GMP is today 510 per share, which means ideaForge Technology shares are trading at a premium 510 to its IPO price in the unlisted or gray market.

Considering the latest GMP and IPO price 672, ideaForge Technology shares are to be listed on the website 1182 a piece in the stock exchanges. That’s almost a 76% increase from the IPO price.

IdeForge Technology’s IPO listing date is likely to be July 10, 2023.

ideaForge Technology’s IPO received a record 106.06 times subscription.

The public issue was subscribed 85.20 times in the retail category and 125.81 times in the Qualified Institutional Investors (QIB) category. Non-institutional investors (NIIs) were booked at 80.58 till June 30, the last day of the bidding process.

Private investors bid for shares that were overvalued 3500 billion – ideaForge Technology IPO.

ideaForge Technology IPO details

The 567-crore IPO of drone maker ideaForge Technology by new share issue 240 crores and an offer for sale (OFS) worth 48.69 lakh shares 327 billion from promoters and investors.

IdeaForge’s IPO price range was 638 to 672 per equity share. In the pre-IPO deal, the company raised approx 60 crowns. As a result, the volume of the new issue was reduced to 240 crores from 300 crowns.

JM Financial and IIFL Securities are the lead managers of the IdeaForge Technology IPO. Link Intime India is the registrar for the IPO.

IdeForge Technology’s IPO allocation is likely to be completed on July 5th, and redemptions will begin on July 6th. The shares will be credited to the demat accounts of the eligible borrowers on July 7 and the shares are likely to be listed on July 10.

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