The IPO’s face value, which represents the notional value of each share, is ₹10. The initial public offering’s entire value, or the IPO size, is ₹567.00 crores. The shares will be traded on the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange). The minimum number of shares that can be applied for by an individual investor is indicated by the lot size for this IPO, which is 22. The IdeaForge Technology IPO is an 8,441,764 equity share public offering. Retail investors can purchase 842,865 shares, qualifying institutional purchasers can purchase 2,528,596 shares, and non-institutional investors can purchase 1,264,297 shares.

The first initial public offering (IPO) to receive more than 100 subscriptions since 2022 was Ideaforge Technology. The anchor investors would receive a total of 3,792,888 shares at a price of ₹672 per share.Goldman Sachs India Equity, Nomura Funds Ireland Public, Tata AIG General Insurance Company, Mirae Asset Focused Fund, HDFC Mutual Fund, Nippon Life India Trustee, BNP Paribas Arbitrage were the some of the highest portion holders. 70% of the stock brokers have recommendation to apply for the IPO.

The drone maker may be enjoying the first-mover advantage from the drone-making industry and is expected to trade at expensive valuations, experts added.

The public issue of the drone manufacturing company was subscribed more than 106 times during June 26-30, getting more than ₹33,000 crore worth of bids at the higher end of the price band of ₹638-672 per share.

“Looking at the unique growth story in the drone industry, the company will continue to trade at expensive valuations. Listing gains are likely due to smaller issue size and likely scarcity premium,” said SBI Securities.

In the current year, the Market seems to have just started its bull run as Nifty closed above the 19,000 milestone and the BSE Sensex crossed the 64,000 mark on June 30 on the back of increasing FII interest after a pause in the rate hike cycle.

Based on the number of draft offer documents filed with SEBI, we expect the IPO market to remain vibrant in 2023,” Hardick Bora, Co-Head of Equity at Union Asset Management Company said.

If equity market sentiments remain conducive, then the next six months should see healthy activity in primary markets, Bora believes.

Venkatraghavan S, Managing Director – Investment Banking at Equirus also expects to see slightly heightened IPO activity in the next six months.The primary market typically lags behind the secondary market by a few months, he said.

“The expectation is that there would be close to ₹50,000 crore raised. And most of it could happen in the remaining months of CY23. Given that 2024 is an election year, there could be a reversion to the cautious outlook in Q4 of FY24, with bouts of volatility,” Venkatraghavan said.

Updated: 30 Jun 2023, 11:32 PM IST