ideaForge Technology IPO: Check allotment status & latest grey market premium

ideaForge Technology, whose Rs 567 crore initial public offer (IPO) received a robust response from the investors during the bidding process, is likely to announce its allotment of shares on Wednesday, July 5, 2023.

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 issue was open for subscription between June 26-30 in the price range of Rs 638-672 per share. Last head, ideaForge Technology was commanding a premium of Rs 510 in the grey market.

The quota reserved for qualified institutional bidders (QIBs) was subscribed 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 was booked 96.65 times.

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.

Watch: ideaForge Technology IPO GMP firm ahead of share allotment; check allotment status & latest grey market premium, and more

Majority of the brokerage firms are positive on the issue citing the rising demand of drones, niche business model and positive outlook for the sector. However, a few have a word of caution for the issue citing its expensive valuations, lack of long-term contracts and high competition in the industry.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select ideaForge Technology Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
 

Investors can also check the allotment status on the online portal of Link Intime India Private Limited (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.

 

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.

1) Go to the web portal of Link Intime India Private Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
 

Bidders who could not get allotment in the IPO may see the initialization of refunds on Thursday, June 6. Others, who would be allotted shares may see the credit of shares, in the Demat account by Friday, June 7. The listing of the IPO is likely on Monday, June 10.

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