ideaForge Technology IPO allotment to be finalised on Wednesday; grey market premium holds firm

ideaForge Technology is likely to announce its allotment of shares on Wednesday, July 05, 2023. The Rs 567 crore initial public offer (IPO) received a robust response from the investors during the four-day bidding process between June 26-30, thanks to its niche business model.

Incorporated in 2007, ideaForge Technology is engaged in the business of manufacturing unmanned aircraft systems (UAS) for mapping, security and surveillance. These drones are capable of a wide range of mining area planning, and mapping applications. ideaForge UAVs help construction and real estate boost their operations.

The IPO of unmanned aircraft systems manufacturer company received a super strong response from the investors and was overall subscribed 106.06 times. The company sold its shares in the fixed price range of Rs 638-672 per share. Last heard, the listing bound player was commanding a premium of Rs 520-530 apiece in the grey market.

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.

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Mumbai-based ideaForge has been ranked seventh globally in the dual-use category (civil and defense) drone manufacturers as per the report published by Drone Industry Insights in December 2022, while it is the largest in the country. It is backed by marquee investors such as Infosys, Qualcomm, Celesta, Florintree, EXIM Bank and Indusage Technology Venture among others.

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.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.

The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries after the issue is completed.

Bidders who could not get allotment in the IPO may see the initialisation of refunds on Thursday, June 06. Others, who would be allotted shares may see the credit of shares, in the Demat account by Friday, June 07. The listing of the IPO is likely on Monday, June 10.

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