ideaForge Technology to list on bourses today

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ideaForge Technology shares will be listed on the stock exchange today. The company has set the IPO price at $672, at the upper end of the ₹638-672 price range.

Analysts are anticipating a strong market debut given the overwhelming response to the IPO from all classes of investors.

The initial public offering (IPO) of Rs 567 crore was oversubscribed 106.6 times during the period June 26-30.

The bank’s share was subscribed 125.8 times, while the shares of individual and non-institutional investors were subscribed 85 times and 80.58 times, respectively. The employee part has been subscribed to 96.58 times.

Anubhuti Mishra, equity research analyst at Swastika Investmart, said: “The ideaforge IPO GMP is currently around 75 per cent, which means we can expect the stock to be listed at around €1,182 (Rs.672 + Rs.510) on the first day of trading. .”

The IPO was well received by investors, with the issue being oversubscribed 106 times. This indicates that there is strong demand for the stock. Secondly, the IPO size is relatively small, which may also contribute to the high listing price.

“Undoubtedly, it was a great opportunity for investors to apply for this IPO, but we recommend that investors book profits when listing and exit their positions, because after a high listing, shares will be overvalued, and secondly, there are some business-related risks as well,” He said.

The IPO consisted of a new issue of shares worth Rs 240 crore and an offer for sale of 48.69 thousand shares of stock by the promoters and investors.

Ashish Bhatt, Amarpreet Singh, Nambirajan Seshadri, Naresh Malhotra, Sujata Vemuri, Sundarajan K Pandalgudi, A&E Investment LLC, Agarwal Trademart, Celesta Capital, Export-Import Bank of India, Indusage Technology Venture Fund, Qualcomm Asia Pacific, The Association for Innovation and Entrepreneurship were the selling contributors to the bid.

The size of the new issue was reduced to ₹240 crores from ₹300 crores earlier as on June 15 the company raised ₹60 crores in a pre-IPO by issuing 8.92 lakh shares of stock to institutional investors, including Tata AIG General Insurance, 360 ONE Special Opportunities Fund – Series 9 and 10, Motilal Oswal Midcap Fund, and Think Investments PCC.

The main investors

As part of the IPO process, ideaForge Technology has raised $254.88 crore from 31 anchor investors. The drone maker finished allocating 37.92 thousand shares of stock anchoring investors at ₹672 per share, which is the higher end of the price range. Some of the major investors are Pinebridge Global Funds, Nomura Funds, Ashoka India Equity Investment Trust Plc, HSBC Mutual Fund, Goldman Sachs Funds, Carmignac Portfolio, Tata AIA General Insurance Company, ICICI Prudential Mutual Fund, Invesco India, Axis Mutual Fund and HDFC Mutual Fund. , Nippon Life India, Aditya Birla Sun Life Trustee, Quant Mutual Fund and Max Life Insurance.