IdeaForge IPO: Drone maker IdeaForge’s IPO has received overwhelming response and the issue date has been extended by a day due to Bakrid holiday. Due to this, investors will be able to subscribe to this IPO till Friday, 30 June. The IdeaForge IPO, which got filled within a few hours on the first day, is likely to create buzz if it gets listed on the market. The gray market premium of this issue is also increasing continuously.
Gray market premium for IdeaForge IPO
Ideaforge’s IPO was fetching a premium of Rs 540 in the gray market today. There has been an increase of Rs 50 in GMP on Thursday as compared to Wednesday. The IPO has received an overwhelming response in the three days since it opened for subscription. Due to this, the market expects that this stock will be listed at 80 percent premium price.
Market experts believe that Dalal Street has a positive sentiment and this has led to an improvement in gray market sentiment. Sensex and Nifty hit their lifetime highs on Wednesday. A price band of Rs 638 to Rs 672 has been kept for this issue so that 80 per cent profit can be made considering the gray market premium at the time of listing. Investors who have bought IdeaForge shares can expect huge profits.
What is GMP in IPO?
When an IPO hits the market, there is speculation about the price at which the shares will be listed. The gray market premium for the IdeaForge IPO is Rs 540. So this share is likely to be listed at 672+540 i.e. 1212. If investors actually get this price, they will get 80 per cent profit directly on the day of listing. However, accurate forecasting cannot be done based on the gray market premium. Market sentiment may also vary on the day of listing. Nevertheless, the gray market does not represent the market properly.
How oversubscribed is the Ideaforge IPO?
IdeaForge’s IPO has been a huge success and has been subscribed about 50.38 times in three days. In this, the share of retail investors is 64 times while in NII category this issue is 64.10 times. IdeaForge’s IPO has been subscribed 38.62 times in the QIB category.
