IdeaForge Technology IPO listing: Stock lists at a premium of 93% at ₹1,300 on NSE

livemint.com:

IPO listing: Shares of IdeaForge Technology Ltd listed on the bourses at a premium on Friday. On the NSE, the stock was listed at ₹1,300 per share, 93.5 percent higher than the issue price, and on the BSE, the stock was listed at ₹1,305.10 per share. The drone manufacturer set the price band for the IdeaForge IPO at ₹638 to ₹672 per equity share.

"IdeaForge Technology mada a tremendous entry into the market at a listing price of ₹1,300. This is a significant gain of around 93% for investors, as the company's issue price at the upper band was ₹672. While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors should book profits and exit their positions.

This is because after listing the stock is already trading at a significant premium to its issue price. Additionally, there are some business-related risks associated with the company, so it is better to lock in these gains now rather than take the risk of carrying them forward however, aggressive investors can still hold it with stop loss at 1,170," said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd. The IPO that opened on Monday June 26 and closed on on Friday, June 30 was subscribed 50.30 times on the final day.

The issue received overall very positive response from retail, employees, non institutional investors (NIIS), and qualified institutional buyer (QIBs). Retail investors portion was subscribed 64.48 times, and employee portion was subscribed 63.99 times. The IdeaForge IPO has received excellent reviews from the street as a whole, and the market participants were anticipating today's Dalal Street launch to be spectacular.