IPO of ideaForge Technology: Drones manufacturing company IdeaForge Technology’s IPO (IPO) bumper has started. So far the IPO has been subscribed 3.69 times due to retail investors on the first day of IPO opening.
Ideaforge Technology’s IPO has opened today from June 26 and investors can apply for the IPO till June 29. The company has set an IPO price band of Rs. 638-672 per share has been fixed. Ideaforge IPO raised Rs. 580 crore is running with a target of collection.
Ideaforge Technology’s IPO is trading at an 80 percent premium in the gray market. Ideaforge shares in gray market at Rs. Trading at 525 – 530. This means that Ideaforge Technology stock is trading around Rs.1197.
The company has issued 46,48,870 shares and received applications for 1,71,52,080 shares so far. Best response is seen from retail investors. 8,42,865 shares are reserved for retail investors and 1,05,21,368 shares i.e. 12.48 times of this quota were subscribed on the first day. 12,64,297 shares have been reserved for non-institutional investors and this quota has been subscribed 5.13 times. The reserved quota for employees has been subscribed 8.4 times. The quota reserved for institutional investors only has been subscribed 0.01 times so far. But institutional investors may 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 a huge profit on its investment on the listing. In IPO Rs. 240 crore fresh i.e. new shares have been issued, through which the company will repay the outstanding debt and spend on working capital requirements. IdeaForge also owns a stake in telecom hardware manufacturing company Qualcomm, Florintree Capital Partners. Several 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.
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