ideaForge Technology shares not to list on July 10; check new listing date here

ideaForge Technology has preponed its listing as the shares of the unmanned aircraft systems (UAS) company are set to make their debut at Dalal Street on Friday, July 7, 2023, the company said. Earlier, the company was scheduled to be listed at the bourses on Monday, July 10, 2023.

The initial public offering of ideaforge was scheduled to remain open for subscription between June 26-29 earlier. However, the rejig in the market holiday calendar resulted in extension of the bidding window to four days.

The Rs 567-crore IPO of ideaForge Technology, which was sold in the range of Rs 638-672 had received a bumper response from the investors during the four-day bidding process between June 26-30 fetching an overall subscribed 106.06 times. It became the first IPO after 2021 to get bids for more than 100 times.

The quota reserved for qualified institutional bidders (QIBs) was subscribed a whopping 125.81 times, while the portion for non-institutional bidders (NIIs) was booked 80.58 times. The allocation of retail investors was subscribed 85.20 times, while the portion for employees fetched 96.65 times bids.

Last heard, the listing bound player was commanding a premium of Rs 510-515 per share in the grey market, which was around Rs 530 a day ago. According to the sources tracking the grey market, the premium in the official market has eased as valuations turn more realistic.

Bidders who could not get allotment in the IPO may see the initialization of refunds on Wednesday, July 05. Others, who would be allotted shares may see the credit of shares, in the Demat account by Thursday, July 06.

Incorporated in 2007, ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems for mapping, security and surveillance. Mumbai-based ideaForge has been ranked seventh globally in the dual-use category (civil and defense) drone manufacturers.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is www.bseindia.com/investors/appli_check.aspx. One can check the equity option under issue type and select the company name from the dropbox. Then, one just needs to fill in the application number and PAN card ID to check the allotment status.

The second alternative to check the allotment status is visiting the registrar's portal, which is Link Intime India Private Limited in the case of ideaForge Technology. Investors can also check the allotment status on the website of the registrar at https://linkintime.co.in/MIPO/Ipoallotment.html to see if they have received the shares or not.

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