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"ideaForge Technology IPO: Strong Response Expected as Shares Debut in Grey Market at a Premium"

ideaForge Technology Limited launched its initial public offering (IPO) today, on June 26, 2023, and the subscription period will continue until June 29, 2023. The drone maker has set the price band for the ideaForge IPO at ₹638 to ₹672 per equity share. However, ideaForge shares have already made their debut in the grey market, with a premium of ₹450 per share, according to market observers.

The response from retail investors to the ideaForge IPO has been strong. As of 05:00 PM on the first day of bidding, the IPO has been subscribed 3.69 times overall. The retail portion has been subscribed 12.48 times, and the employee category has been subscribed 8.47 times. In the Non-Institutional Investor (NII) category, the public issue has been subscribed to 5.13 times, while the Qualified Institutional Buyer (QIB) portion has been subscribed to 1%.


Here are some important details regarding the ideaForge Technology IPO:


1. ideaForge IPO GMP: The grey market premium (GMP) for the ideaForge Technology IPO is currently ₹485. This suggests that the grey market anticipates a listing gain of around 70 percent from the IPO's subscription opening date.


2. ideaForge IPO subscription status: As of 03:24 PM on the first day of bidding, the ideaForge IPO has been subscribed 2.47 times overall. The retail portion has been subscribed 9.31 times, and the NII category has been subscribed 2.78 times.


3. ideaForge IPO price: The price range for the ideaForge Technology IPO has been set at ₹638 to ₹672 per equity share.


4. ideaForge IPO allotment date: The ideaForge IPO allotment date is expected to be on July 4, 2023, following the closure of the subscription.


5. ideaForge IPO size: The company aims to raise ₹567 crores from its public offer.


6. ideaForge IPO lot size: Bidders can apply for lots, with each lot consisting of 22 company shares.


7. ideaForge IPO listing: The company plans to list its shares on both the NSE and BSE, with the anticipated listing date being July 7, 2023.


8. ideaForge IPO registrar: Link Intime India Private Ltd has been appointed as the official registrar of the public issue.


9. ideaForge IPO review: Analysts from Motilal Oswal have given a "subscribe" rating to the ideaForge IPO, citing the company's strong market position, diverse product portfolio, and favorable industry outlook. Marwari Financial Services also recommends subscribing to the IPO, considering ideaForge's leadership in the Indian UAS industry and its reasonable valuation.


Note: The views and recommendations expressed in this article belong to individual analysts and do not represent the views of Mint. Investors should consult certified experts before making any investment decisions.

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