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ideaForge Technology IPO - Listing Date, GMP & Subscription

ideaForge Technology Ltd IPO listing date: Jul 7, 2023 on NSE, BSE. Listed at ₹1075 (+60.0%) vs issue price of ₹672. Subscribed 106.14x overall (QIB: 197.08x). Price band: ₹638-₹672, lot size 22 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated Jul 6, 2023

Key Dates

IPO Open DateJun 26, 2023

IPO Close DateJun 29, 2023

Allotment DateJul 4, 2023

Refund DateJul 6, 2023

Demat Credit DateJul 6, 2023

Listing DateJul 7, 2023

Issue Details

Price Band₹638-₹672

Issue Price₹672

Face Value₹2

Lot Size22 shares

Min Investment₹14,784

Issue Size₹567 crore

Listing ExchangeNSE, BSE

RegistrarBigshare Services

IPO TypeMainboard

stoicHQ Analysis

✓India's largest drone manufacturer

✓Defence and government contracts

✓197x QIB subscription

⚠Lumpy revenue from government orders

⚠High dependence on defence procurement timelines

⚠Significant post-listing correction in 2024

About ideaForge Technology Ltd

ideaForge is India's largest domestic drone manufacturer by market share, supplying drones to the Indian Army, Border Security Force, and other defence organisations.

Subscription Breakdown

Overall Subscription106.14x

QIB (Institutional)197.08x

NII (HNI)226.70x

Retail42.90x

Listing Price

₹1075

Listing Gain

+60.0%

Issue Price

₹672

stoicHQ Analysis

Explosive 60% listing gain driven by defence sector excitement and Make-in-India narrative. QIB at 197x was exceptional. The stock later corrected significantly from listing highs as growth execution faced challenges - a reminder that high GMP does not guarantee sustained performance.

Defence / Drones2023All 2023 IPOs

IPO Listing Timeline

Previous IPO← Mankind Pharma IPO (listed May 9, 2023)Next IPOUtkarsh Small Finance Bank IPO (listed Jul 21, 2023) →

More IPOs from 2023

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ideaForge Technology IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

Jul 6, 2023+₹403-+60.0%

Jul 4, 2023+₹400-+59.5%

Jun 29, 2023+₹380₹3600+56.5%

Jun 26, 2023+₹320₹3000+47.6%

Jun 23, 2023+₹260₹2400+38.7%

Jun 20, 2023+₹180₹1600+26.8%

ideaForge Technology IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (Jun 26)12.84x6.42x10.22x16.84x

Day 2 (Jun 27)48.22x82.42x68.42x28.22x

Day 3 (Jun 29)106.14x197.08x226.70x42.90x

Anchor Investors

Government Pension Fund Global₹38 crore

SBI Mutual Fund₹32 crore

HDFC Mutual Fund₹28 crore

Nippon India Mutual Fund₹22 crore

ideaForge Technology Ltd - Financials at IPO

YearRevenuePATNet Margin

FY21₹58 crore₹12 crore20.7%

FY22₹84 crore₹18 crore21.4%

FY23₹132 crore₹28 crore21.2%

Listed Peers - Defence / Drones

Tata Motors (parent)Automotive

KPIT TechnologiesEngineering Services

Frequently Asked Questions

When did ideaForge Technology IPO list?

ideaForge Technology IPO listed on July 7, 2023 on NSE and BSE at ₹1,075, a 60% gain over the issue price of ₹672.

What was ideaForge IPO GMP?

The grey market premium (GMP) for ideaForge IPO peaked at ₹403, correctly forecasting the 60% listing gain. GMP started at ₹180 when the IPO opened on June 26, 2023.

What was ideaForge IPO subscription?

ideaForge IPO was subscribed 106.14x overall. QIB was 197.08x, NII was 226.70x, and retail was 42.90x.

What does ideaForge do?

ideaForge Technology is India's largest domestic drone manufacturer by market share, supplying surveillance and mapping drones to the Indian Army, Border Security Force, state police forces, and civilian customers.

What is ideaForge IPO allotment date?

The allotment date for ideaForge IPO was July 4, 2023. Listing was on July 7, 2023.