ideaForge IPO Day 1: Issue fully subscribed, GMP shoots up; Should you subscribe? check details here

Hey there, folks! I've got some incredible news to share with you today. Brace yourselves because ideaForge's IPO worth a whopping Rs 567 crore was gobbled up by eager investors in just a matter of hours on Monday. Talk about lightning-fast action!

Jun-27, 2023


The enthusiasm surrounding this IPO is off the charts. The shares' Grey Market Premium (GMP) skyrocketed by a staggering 78.87%. Can you believe that? It's like the excitement is soaring high up in the sky, defying gravity! The GMP surge means that the shares are commanding a premium of Rs 530 over the IPO price. This translates into a jaw-dropping estimated listing price of Rs 1,202 per share, right at the top end of the price band.

ideaForge IPO Day 1: Issue fully subscribed, GMP shoots up; Should you subscribe? check details here

ideaForge IPO will close for subscription on Thursday, 29 June. The allotment date is projected to be July 4, following which, the issue is expected to list on the bourses on July 7.

Hold on tight, because ideaForge's highly-anticipated IPO worth a staggering Rs 567 crore hit the market on June 26, and boy, did it make waves! Within just a few short hours of opening its doors to investors, this IPO achieved something truly remarkable—it was fully subscribed! Can you believe it? It's like witnessing a thunderstorm of enthusiasm and demand.

Investors wasted no time in showcasing their eagerness to be a part of ideaForge's journey to greatness. The response was so overwhelming that the IPO was oversubscribed by a factor of 1.32. Yes, you heard that right! A whopping 61,39,672 shares were bid for in total, showcasing the immense interest and confidence in this game-changing opportunity.

When it comes to the different categories of investors, let me break it down for you. Qualified institutional buyers (QIBs) secured their reserved portion with a fraction of their bids. On the other hand, retail investors, driven by their belief in ideaForge's potential, oversubscribed a whopping 5.23 times. It's like they couldn't get enough of what ideaForge had to offer!

But that's not all. Even non-institutional investors (NIIs) and employees caught the excitement bug. The NII portion saw a healthy oversubscription of 1.33 times, while employees were more than eager to jump on board, subscribing a remarkable 3.67 times. Now that's what I call an incredible show of support from within the company's own ranks.

For those who haven't had a chance to jump on this IPO rollercoaster just yet, don't worry! The subscription window is set to close on Thursday, June 29, so you still have time to get in on the action. But let me tell you, the buzz surrounding ideaForge is reaching new heights every day, so you might want to act fast!

Should you subscribe ideaForge IPO? Hold on to your seats because I'm about to drop some numbers that will make your heart skip a beat. ideaForge's revenue skyrocketed by over 5 times from FY21 to FY23, reaching an astounding Rs 1.9 billion. And that's not all—the icing on the cake is that their profit after tax (PAT) turned positive in the past two years, with a staggering FY23 profit of Rs 320 million. Can you believe it? ideaForge is not just making waves; they're making some serious cash too!

When analysts start singing praises, you know something big is happening. The folks at Motilal Oswal are so impressed with ideaForge's growth and potential that they wholeheartedly recommend subscribing to this incredible opportunity. And let me tell you, they're not the only ones who think so! Read More