After receiving overwhelming response to its public issue, Ideaforge Technology plans to finalise the allotment of IPO shares by the end of July 5. The participants do not need to visit any office to check their allotment status and, instead, they can easily check their status online from anywhere.
You can check your allotment status either on the BSE website or the portal of the IPO registrar (Link Intime) by following few easy steps.
On the BSE website,
a) Select 'Equity' and Issue Name 'Ideaforge Technology Limited'
b) Enter either your 'Application Number' or 'PAN'
c) Check box (I am not a robot) and finally hit 'Search' button
On the IPO registrar's portal,
a) Select Issue Name 'Ideaforge Technology Limited - IPO'
b) Select and accordingly enter either 'PAN', or 'Application Number', or 'DP Client ID'
c) Finally hit the 'Search' button
Equity shares will be transferred to the demat accounts of successful investors by July 7 and the refunds will be credited to bank accounts of unsuccessful participants by July 6.
The much-awaited debut of the drone manufacturing company will take place on the BSE and NSE on July 10, as per the scheduled available in the draft prospectus.
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Ideaforge IPO shares continued to get huge demand in the grey market as the premium at which it traded is in the range of 75-80 percent over its expected final issue price of Rs 672 per share, analysts on anonymity said.
We are seeing such a big grey market premium, may be since after the year 2021, when several companies had traded with robust premium. The grey market is an unofficial market for trading in IPO shares before the listing of shares on the exchanges. Generally investors consider the grey market to know the possible listing price for any IPO.
The initial public offering of the country's largest unmanned aircraft systems manufacturer with over 50 percent market share in FY22 has garnered great interest from investors, subscribing 106.06 times during June 26-30 backed by all kind of investors.
Qualified institutional investors were far ahead of others, buying 125.81 times the allotted quota, while the parts set aside for retail investors and high net-worth individuals (non-institutional investors) were subscribed 85.2 times and 80.58 times. The response from its employees was also strong, as they have bought 96.65 times the reserved portion.
Read The Moneycontrol's Exclusive Research Note on Senco Gold IPO
The Rs 567-crore public issue of Ideaforge Technology comprised a fresh issue of Rs 240 crore worth shares and an offer for sale of 48.69 lakh shares by promoters and investors.
The net proceeds from the fresh issue will be utilised by the company for repaying debts, working capital requirements, and investment in product development, besides general corporate purposes.
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