ideaForge IPO: GMP, subscription status, review. Apply or not? | Mint – Mint

ideaForge Technology IPO: The initial public offer (IPO) of ideaForge Technology Limited opened for subscribers on 26th June 2023 and it will remain for bidding till 29th June 2023 i.e. till Thursday this week. The drone maker company has fixed ideaForge IPO price band at ₹638 to ₹672 per equity share. However, shares of ideaForge Technology Ltd have already made debut in grey market. According to market observers, ideaForge shares are available at a premium of ₹490 per share in grey market today.
As per the ideaForge IPO subscription status, retail investors have responded strongly to the drone maker companies public offer. By 03:15 PM on day 2 of bidding, the public offer has been subscribed 9.88 times while its retail portion has been subscribed 30.27 times. In NII segment, the public issue has been subscribed 15.24 times.
Here we list out important ideaForge Technology IPO details:
1] ideaForge IPO GMP today: According to market observers, ideaForge Technology IPO grey market premium (GMP) today is ₹485 that means grey market is expecting around 70 per cent listing gain from the public issue on ideaForge IPO subscription opening date.
2] ideaForge IPO subscription status: By 03:15 PM on day 2 of bidding, the public offer has been subscribed 9.88 times while its retail portion has been subscribed 30.27 times. In NII segment, the public issue has been subscribed 15.24 times.
3] ideaForge IPO price: ideaForge Technology IPO price has been fixed at ₹638 to ₹672 per equity share.
4] ideaForge Technology IPO allotment date: After closure of subscription, ideaForge IPO allotment date is most likely on 4th July 2023.
5] ideaForge IPO size: The drone maker company aims to raise 567 crore from its public offer.
6] ideaForge IPO lot size: A bidder will be able to apply in lots and one lot would comprise 22 company shares.
7] ideaForge IPO listing: The drone maker company has proposed to list its shares on both NSE and BSE and the likely date for share listing is 7th July 2023.
8] ideaForge IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the public issue.
9] ideaForge IPO review: Giving ‘subscribe’ tag to the public offer, Motilal Oswal said, “We like IFL given its complex/wide product portfolio, presence in niche space, strong client relationship and high entry barriers. The issue is valued at 5x P/BV (peers avg: ~8x) on a post issue basis, which is fairly valued. We believe IFL could benefit from government impetus on the defence space as well as rising enterprise demand. Hence we recommend Subscribe. Further given the current buoyant market and high interest for defence stocks, the issue could see listing gains as well.”
On whether ideaForge IPO is good or bad for an investor, Marwari Financial Services said, “Considering the FY23 Annualized EPS of ₹7.68 on a post issue basis, the company is going to list at a P/E of 87.54x with a market cap of Rs. 28,002mn. whereas its peers namely MTAR technology, Data patterns and Astra microwave products are trading at a P/E of 58.52x, 84.95x, 52.27x,” adding, “We assign “Subscribe” rating to this IPO as company is pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage and strong relationships with a diverse customer base. Also, it is available at reasonable valuation considering the future growth potential of the company.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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