IdeaForge Technology IPO Subscribed 3.69x On Day 1, Check GMP

On June 26, IdeaForge Technology Ltd. began its initial public offering. On the first day of the bidding, the issue gained an extensive amount of attention from investors of all types, resulting in an aggregate subscription of 3.69 times. According to information available on the stock exchanges, the IPO received bids for 1,71,52,080 shares against the 46,48,870 equity shares that were offered, at a price range of Rs 638-672.

The retail portion received the most subscriptions (12.48 times), followed by the employee portion (8.47 times), the non-institutional investors' portion (5.13 times), and the qualified institutional buyer portion (0.01 times). The issue's subscription period opened on June 26 and will end on June 29 of 2023. IdeaForge Technology aims to raise Rs 567 crore through an initial public offering (IPO) at the price range of Rs 638-672 per share. The offer consists of a new issue of shares worth Rs 240 crore and an offer for sale (OFS) of 48.69 lakh shares.

ideaForge Technology Ltd. received Rs 255 crore from anchor investors the day before the Issue's take off. PineBridge Global Funds, Nomura Funds Ireland Public Ltd, Tata AIG General Insurance Company, Ashoka India Equity, ICICI Prudential Retirement Fund, HSBC Large & Mid Cap Fund, HSBC Infrastructure Fund, Axis Mutual Fund, Mirae Asset Focused Fund, Bandhan Large Cap Fund, HDFC Mutual Fund, Nippon Life India, Aditya Birla Sun Life, Kotak Mutual Fund, and Goldman Sachs, are the foreign investors and domestic institutions that participated in the anchor.

Shares of the offer are being held in reserve by the corporation, with 75% going to qualified institutional buyers (QIB), 15% going to high-net-worth individuals (HNI), and the remaining 10% going to retail investors. HNIs placed bids 5.13 times their allotted quantity, while QIBs purchased 34,760 shares as opposed to the 25.28 lakh authorised for them.

The ideaForge Technology IPO's latest GMP, according to market observers, was Rs. 530 as of June 26th, 2023, 05:32 PM. The expected listing price for the ideaForge Technology IPO is Rs 1202 (upper price plus the current GMP), taking the upper price band of Rs 672 into consideration. Accordingly, based on the issue's current GMP, the issue is expected to be listed at a strong upside premium of 78.87% on its listing day.

JM Financial Limited and IIFL Securities Limited are the sole book-running lead managers while Link Intime India Private Limited is the registrar of the offer.

The issue will get listed on the BSE and NSE platforms on Friday, July 7, 2023. Leading brokerage firms like Motilal Oswal, SBICAP Securities, Hem Securities, Hensex Securities, BP Equities, Choice Equity, Arihant Capital, Swastika Investmart, GEPL Capital, INDSEC Securities and Marwadi Financial Services have given a "SUBSCRIBE" rating to the issue.