The NII part was subscribed 1.89 times so far, while there were no bids from qualified institutional buyers. According to market sources, the company s shares are commanding a premium of Rs 525-530 in the unlisted market, indicating big listing gains for investors if the trends sustain.
Little by little, India is chipping away at the Great Wall. Last week, research firms raised their 2024 forecast for wearable device shipments from India on account of the exponential increase in demand and fall in average selling prices. Part of the reason companies can maintain a low price is because they are ramping up local assembly of products, a move that is costing China. This and more in todays ETtech Top 5.
Ideaforge, India s leading drone maker, has opened its initial public offering (IPO) for subscription with a premium of Rs 460 in the unlisted market. The company is offering shares at Rs 638 to Rs 672 apiece and is looking to raise up to Rs 567 crore. Ideaforge got Rs 254 crore during the IPO s anchor round with participation from marquee investors like Nomura, HSBC, and Goldman Sachs. The company s net offer reserves about 75% for the QIB portion, 15% for non-institutional investors, and 10% for retail investors.
Shares of IdeaForge are set to list on BSE and NSE soon, with the IPO opening on 26 June. Market observers predict a negative or neutral listing with a grey market premium of ₹475, lower than the IPO price band of ₹638 to ₹672 per equity share.