IdeaForge made a stellar debut on Friday – listing at ₹1,305, a 94% premium over its initial public offering.
Stocks listed at a premium of ₹633, much higher than the IPO price of ₹672.
According to media reports, the grey market was expecting the listing day premiums to be over 510, expecting the stock to list over 1000.
Stocks are traded on the grey market before they are listed on the stock exchange.
Mehta Equities Senior VP (research) Prashanth Tapse stated, “Considering the overwhelming response from all types of investors, we expect a strong listing gain of 70% or more.”
According to BSE data, the company had a market capitalization of 5,438 crore.
106 times more shares were subscribed than were offered in the company’s IPO, which raised ₹567 crore.
The listing date of IdeaForge was originally scheduled for July 10, but it was moved up to July 7.
IdeaForge IPO subscription details
| Category | No. of times subscribed |
| QIBs | 125.81 |
| Non institutional investors | 80.58 |
| Retail | 85.08 |
| Total | 106.04 |
Drones are manufactured and deployed by the company, which was founded in 2007. As of 31 May 2023, it served 265 clients spanning Indian defence and civil customers, including central armed police forces, state police departments, disaster management forces, forest departments, and private contractors.
Stoxbox reports that their drones assist defence forces to conduct intelligence, surveillance, and reconnaissance (ISR) operations along borders, help plan mining areas, and boost construction and real estate.
An offer for sale is included as well as a fresh issue, and the proceeds will be used to repay and prepay loans, fund working capital requirements, and invest in product development.
By incorporating consumer data and ongoing technological advancements, they have been able to improve users’ experiences,” says Stoxbox, which had a ‘subscribe’ rating on the issue.
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