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ideaForge Technology’s IPO: The last date for applying for the IPO (IPO) of drone manufacturing company IdeaForge Technology has been extended to 30 September. Now investors will be able to apply in IPO till 30 June 2023. Due to Bakrid holiday on Thursday, the closing date of the IPO has been extended by one day. Although the IPO has been oversubscribed 50.30 times in just 3 days.
As per the data available on BSE, Ideaforge’s IPO has been subscribed 50.30 times till June 28. In which the return quota of institutional investors has been subscribed 38.62 times, the quota of non-institutional investors has been subscribed 64.06 times. Most of all, retail investors seem excited about this IPO. The reserve quota for them has been subscribed 64.48 times. While the reserve quota for the employees of the company has been subscribed 64 times.
The IPO of IdeaForge Technology will now be open from 26 to 30 June. The price band of the IPO has been fixed at Rs 638-672 per share. Ideaforge Technology’s IPO is trading at a premium rate of Rs 550 in the gray market on June 28. That is, according to this, a share of Rs 672 can be listed on the stock exchange around Rs 1222. That is, the stock is expected to be listed at 82 per cent premium.
Investor’s interest in Ideaforge IPO is also because Infosys has 4.25 per cent stake in the company. Infosys holds 16,47,314 shares of IdeaForge. IdeaForge also has a stake in telecom hardware manufacturing company Qualcomm, Florintree Capital Partners. Ideaforge will be the first drone company which is going to be listed on BSE and NSE.
If we look at the revenue of Ideaforge Technology, the company’s revenue in 2022 was Rs 161.45 crore, which was Rs 36.32 crore in 2021. The company is going to raise Rs 567 crore through IPO. JM Financial and IIFL are the book running lead managers to the IPO.
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