ideaForge Technology IPO: On Friday, July 7, 2023, a big listing of drone manufacturing company IdeaForge Technology is expected on the Stock Exchange. Ideaforge had fixed the price band of the IPO at Rs 638 – 672 per share. But on the basis of tremendous subscription of investors, the listing of Ideaforge’s stock is expected to be close to Rs 1200.
Ideaforge is trading at a premium of 75 per cent in the gray market. In such a situation, it is believed that adding a premium of Rs 510 to the Rs 672 stock, the stock can have a bumper start on the stock exchange close to Rs 1182. IdeaForge’s IPO received a tremendous response from the investors.
This IPO with a size of Rs 567 crore was subscribed 106.6 times. In which institutional investors’ quota was subscribed 125.81 times, non-institutional investors’ quota was subscribed 80.58 times. Most of all retail investors seemed excited about this IPO. The reserve quota for retail investors was subscribed 85.20 times.
The IPO of IdeaForge Technology was now open from 26 to 30 June. The overwhelming response of investors in the Ideaforge IPO was also seen because Infosys has a 4.25 per cent stake in the company. Telecom hardware manufacturing company Qualcomm, Florintree Capital Partners also have a stake in ideaForge. IdeaForge will be the first drone company to be listed on BSE and NSE. If we look at the revenue of IdeaForge Technology, the company’s revenue in 2022 has been Rs 161.45 crore, while in 2021 it was Rs 36.32 crore.
IdeaForge, an alumnus of IIT Bombay, founded this company in the Defense and Homeland Security UAV (Unmanned Aerial Vehicles) segment. A prototype of the drone made by the company was seen in Aamir Khan’s film 3 Idiots. When DRDO (Defence Research and Development Organization) caught sight of this UAV, then the drone project had gained momentum.
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