Wednesday, February 21, 2024

IdeaForge Technology IPO Closes Today

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ideaForge Technology: The initial public offering (IPO) of ideaForge Technology Limited is ending today. The public issue was earlier scheduled to end on 29th June 2023 but due to the revision in stock market holiday for Bakri Eid festival, ideaForge IPO last date for bidding shifted one day forward to 30th June 2023. The drone maker company has fixed price band of ideaForge technology IPO at ₹638 to ₹672 per equity share and public issue has received strong response from the investors.

Ideaforge technology

ideaForge IPO GMP today

In fact ideaForge IPO has been gaining strength to strength in unlisted stock market as well. According to market observers, shares of ideaForge Technology Ltd are available at a premium of ₹550 per share in grey market today. This means ideaForge IPO grey market premium (GMP) today is ₹550, which is ₹10 per share higher from its Thursday GMP of ₹540. They said that rise in ideaForge IPO GMP today can be attributed to the strong sentiments on Dalal Street and in global market. They said that being a defence drone maker company, the IPO of ideaForge has managed to create a buzz among the primary market investors.

On what this ideaForge IPO GMP means, market observers said that ideaForge IPO GMP today is ₹550, which means grey market is expecting that ideaForge IPO listing will take place around ₹1222 ( ₹672 + ₹550), which is more than 80 per cent from its offer price of ₹638 to ₹672 apiece.

ideaForge IPO subscription status

By 03:03 PM on last day of bidding, the public issue has been subscribed 91.86 times whereas its retail portion has been subscribed 82.43 times. In NII category, the IPO has been subscribed 78.57 times whereas in QIB category, ideaForge IPO has been subscribed 101.28 times.

ideaForge IPO other details

Likely date for ideaForge IPO allotment date is 5th July 2023 and most likely ideaForge IPO listing date is 10th July 2023.

ideaForge IPO review

Most of the brokerages have given ‘buy’ tag to ideaForge technology IPO.

Giving ‘buy’ tag to ideaForge IPO, Anand Rathi report said, “Idea forge technology is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft system (“UAS”) market, with a market share of approximately 50% in FY22. The company manufactures Unmanned Aircraft Vehicles for Mapping, Security & Surveillance. These drones are capable of a wide range of mining area planning, and mapping applications. ideaForge ranked 7th globally in the dual-use category (civil and defense) drone manufacturers as of December 2022. The company reaps an advantage of being a pure play in Drone manufacturing division over its peers. The company is fairly valued at the current valuation. Thus, we recommend a “Subscribe- Long term” rating to the IPO considering its future growth prospects.”

Hem Securities has also given ‘buy’ tag to the IPO citing, “Company’s in-house design to delivery capabilities and strong management capabilities with a demonstrated ability to deliver robust financial performance making issue an attractive destination to deploy funds in. Hence we recommend to “Subscribe” issue.”

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