ideaForge Technology IPO: Subscription Details, Price Band, and Listing Information

ideaForge Technology IPO: Subscription Details, Price Band, and Listing Information

The highly anticipated initial public offering (IPO) of ideaForge Technology Limited is now open for subscription from June 26th, 2023. The IPO bidding process will continue until June 29th, 2023, offering investors a limited time to participate. The price band for ideaForge IPO has been set at ₹638 to ₹672 per equity share. However, the shares of ideaForge Technology Ltd have already made their debut in the grey market, commanding a premium of ₹450 per share.

The response from retail investors towards the ideaForge IPO has been overwhelming. As of 01:52 PM on the first day of bidding, the IPO has been subscribed 1.75 times overall, with the retail portion being subscribed 6.72 times. In the non-institutional investor (NII) category, the public issue has been subscribed 1.89 times.

Here are the key details of the ideaForge Technology IPO:

1. Grey Market Premium (GMP): The grey market premium for ideaForge Technology IPO is currently ₹485, indicating an expected listing gain of around 70% on the subscription opening date.

2. Subscription Status: As of 01:52 PM, the IPO has been subscribed 1.75 times, with the retail portion oversubscribed by 6.72 times. The NII category has been subscribed 1.89 times.

3. IPO Price: The price range for the ideaForge Technology IPO is ₹638 to ₹672 per equity share.

4. Allotment Date: The allotment date for the ideaForge IPO is expected to be on July 4th, 2023, following the closure of the subscription period.

5. IPO Size: ideaForge Technology aims to raise ₹567 crore through its public offer.

6. Lot Size: Investors can apply for the IPO in lots, with each lot consisting of 22 company shares.

7. Listing Information: The company plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), with the likely listing date being July 7th, 2023.

8. Registrar: Link Intime India Private Ltd has been appointed as the official registrar for the ideaForge IPO.

9. Analyst Recommendations: Analysts have given a 'subscribe' rating to the IPO, citing the company's strong market position, diverse product portfolio, and robust client relationships. The issue is considered fairly valued at 5x P/BV (peers average: ~8x). The IPO is expected to benefit from government initiatives in the defense sector and rising enterprise demand.

Disclaimer: The information and recommendations provided are based on individual analysts' views and do not represent the views of Mint. Investors are advised to consult certified experts before making any investment decisions.

ideaForge Technology IPO, subscription status, price band, listing date, grey market premium, retail investors, NII category, allotment date, lot size, listing information, analyst recommendations