The Rs 567-crore preliminary public providing (IPO) has seen a bumper response from the traders throughout the four-day bidding course of between June 26-30 fetching an general subscribed 106.06 instances. It turned the primary situation after December 2021 to get bids for greater than 100 instances.

The class reserved for certified institutional bidders (QIBs) was subscribed a whopping 125.81 instances, whereas the quota for non-institutional bidders (NIIs) was booked 80.58 instances. The portion of retail traders was subscribed 85.20 instances, whereas the workers’ portion fetched 96.65 instances bids.

GMP signifies upward pattern

The gray market signifies an upward pattern as premium for shares stayed agency within the unlisted market. According to market observers, the gray market premium (GMP) of ideaForge shares stood at Rs 518, indicating massive itemizing features for traders. If we contemplate the higher worth band of Rs 672, the corporate’s shares are anticipated to get listed at a wholesome premium of 77 p.c.

However, you will need to notice that gray market premiums are simply an indicator as to how the corporate’s shares are stacked up within the unlisted market and are topic to vary quickly.

70% + itemizing features possible?

Considering the overwhelming response from all kinds of traders, analysts anticipate a robust 70 p.c plus itemizing achieve, backed by first-mover benefit and a wholesome market temper.

“Undoubtedly, it was a great opportunity for investors to apply for this IPO, but now we will recommend investors book profit on listing and exit their position, as after such a high listing, shares will be overvalued, and secondly, there is some business-related risk as well,” mentioned Anubhuti Mishra, Equity Research Analyst at Swastika Investmart.

“With market undertone remaining optimistic if we get stronger listing gains over and above 70 percent, We recommend allotted investors to book profits on the listing day while risky fancy investors can hold for medium to long term to play on drone demand,” in response to Mehta Equities.

The firm had already garnered Rs 182 crore from 14 anchor traders. The firm has allotted 63.84 lakh fairness shares at Rs 285 per share to anchor traders.

The drone maker is backed by Infosys, Qualcomm, Celesta, Florintree, EXIM Bank, Indusage Technology Venture Fund, and Infina Finance.

Motilal Oswal Investment Advisors acted as the only real book-running lead supervisor whereas KFin Technologies was the registrar to the problem.