ideaForge Technology’s IPO: The IPO (IPO) of Drones Manufacturing Company IdeaForge Technology has started bumper. IPO has been subscribed 3.69 times so far due to retail investors on the very first day of IPO opening.
Ideaforge Technology’s IPO is open from today 26th June and investors can apply in IPO till 29th June. The company has fixed the price band of the IPO at Rs 638-672 per share. Ideaforge is running with a target of raising Rs 580 crore through IPO.
Ideaforge Technology’s IPO is trading at 80 per cent premium in the gray market. Ideaforge’s share is trading at Rs 525 – 530 in the gray market. This means that Ideaforge Technology’s share is trading around Rs.1197.
The company has issued 46,48,870 shares and applications for 1,71,52,080 shares have been received so far. The best response is being seen from the retail investors. 8,42,865 shares have been reserved for retail investors and on the very first day, 1,05,21,368 shares ie 12.48 times this quota have been subscribed. 12,64,297 shares have been reserved for non-institutional investors and this quota has been subscribed 5.13 times. The reserve quota for employees has been subscribed 8.4 times. The reserve quota for institutional investors only has been subscribed 0.01 times so far. But institutional investors can be seen investing on the last day.
Let us tell you that the country’s leading IT company Infosys has 16,47,314 shares of IdeaForge. Which is 4.25 percent of the total paid-up capital. It is believed that Infosys is going to make huge profits on its investment on the listing. Rs 240 crore fresh i.e. new shares have been issued in the IPO, through which the company will pay off the outstanding debt and spend on working capital requirements. IdeaForge also has a stake in telecom hardware manufacturing company Qualcomm, Florintree Capital Partners. Some other investors including Qualcomm are selling their stake in the IPO. Ideaforge will be the first drone company to be listed on BSE and NSE.
read this also
