Page 3 - Ideaforge Ipo News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Ideaforge, India's leading drone manufacturer, has opened its initial public offering (IPO) for subscription. The company has raised INR2.54bn ($34m) from anchor investors, including HSBC, Invesco, and Goldman Sachs. The IPO is priced between INR638-672 per share, with analysts arguing it is reasonably valued given the potential for future growth. With a 50% market share in India's unmanned aircraft systems (UAS) industry, the drones made by Ideaforge are suitable for mapping, security, and surveillance. The IPO consists of an issue of equity shares worth INR2.4bn and an offer for sale of 4.8 ...

According to IPO watch, shares of IdeaForge enjoyed a premium of Rs 450 in grey markets, implying a likely listing price of Rs 1,122 on the upper price band

The primary market in India has experienced a weak first half with only eight companies launching IPOs, leading to earnings of Rs 5,800 crore. This is an 85% YoY drop compared to the same period in 2018. Inflation uncertainty and high interest rates made investors wary in the opening months, but sentiment picked up towards the close of H1. Mankind Pharma raised Rs 4,300 crore in its IPO, which was the largest issue launched by a drug maker since Gland Pharma in 2017. Analysts predict the remainder of the year will fare better than H1.

The robust demand was driven by retail investors, whose category was subscribed 4.38 times. While the non-institutional portion was subscribed 1.03 times, there were no bids yet from qualified institutional buyers.

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.