Ideaforge Technology, a leading drone manufacturing company, is set to finalize the allotment of its Initial Public Offering (IPO) shares by July 5. Participants who have applied for the IPO can easily check their allotment status online, eliminating the need to visit any office.
To check the allotment status, applicants can either visit the BSE website or the portal of the IPO registrar, Link Intime, and follow a few simple steps.
On the BSE website, select ‘Equity’ and choose the issue name ‘Ideaforge Technology Limited.’ Then, enter either your application number or PAN (Permanent Account Number), check the box indicating that you are not a robot, and click the ‘Search’ button.
Alternatively, on the IPO registrar’s portal, select the issue name ‘Ideaforge Technology Limited – IPO.’ Then, enter either PAN, application number, or DP Client ID, depending on the option you choose. Finally, click the ‘Search’ button.
Successful investors can expect the transfer of equity shares to their demat accounts by July 7, while unsuccessful participants can anticipate the refund to be credited to their bank accounts by July 6.
The much-anticipated debut of Ideaforge Technology on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is scheduled for July 10, as mentioned in the draft prospectus.
The grey market premium for Ideaforge IPO shares remains high, with analysts reporting a premium range of 75-80 percent over the expected final issue price of Rs 672 per share. The grey market serves as an unofficial market for trading IPO shares before their listing on the exchanges, and investors often refer to it to gauge the possible listing price of an IPO.
During the June 26-30 subscription period, Ideaforge’s IPO garnered significant interest from investors, with a subscription of 106.06 times. Qualified institutional investors subscribed 125.81 times the allocated quota, while the portions reserved for retail investors and high net-worth individuals were subscribed 85.2 times and 80.58 times, respectively. The response from the company’s employees was also strong, with a subscription of 96.65 times the reserved portion.
Ideaforge Technology’s public issue amounted to Rs 567 crore and consisted of a fresh issue of shares worth Rs 240 crore and an offer for sale of 48.69 lakh shares by promoters and investors. The net proceeds from the fresh issue will be utilized for debt repayment, working capital requirements, investment in product development, and other general corporate purposes.
Overall, Ideaforge’s IPO has generated great interest and enthusiasm among investors, and its listing on the BSE and NSE is eagerly awaited.
(Note: The above news article is a rewritten version of the original article with slight modifications to meet the provided guidelines.)
