New Delhi: Drone maker ideaForge Technology is all set to make its stock market debut on Friday, with the grey market prices indicating a bumper listing on bourses. The three-day initial public offering (IPO) of ideaForge Technology opened on June 26, 2023, and concluded on June 30, 2023.

ideaForge Technology IPO GMP

As per reports, the ideaForge Technology latest GMP suggests a premium of Rs 540, suggesting that the scrip will have a remarkable debut on its stock market listing. 

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ideaForge Technology IPO 

Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd said, the GMP for Ideaforge’s IPO is currently around 75%, which means that we can expect the stock to list at around Rs 1182 (Rs 672 + Rs 510) on the first day of trading. This is a significant premium over the IPO price band of 638–672. 

The IPO was very well received by investors, with the issue being subscribed to more than 106 times. This suggests that there is strong demand for the stock. Secondly, the IPO size is relatively small, which could also contribute to a high listing price, Mishra added.

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, Mishra said.

ideaForge Technology Company Details

Founded in 2007, the Mumbai-based company has the largest operational deployment of indigenous Unmanned Aerial Vehicles (UAVs) across India.

ideaForge has been backed by several marquee ventures and private equity investors, including Qualcomm Asia, Infosys and Celesta Capital.

The drone maker’s customers include the armed forces, central armed police forces, state police departments, disaster management forces, forest departments and civil customers.