The grey market premium (GMP) for Ideaforge’s IPO has surged by nearly 80% as it got fully subscribed on Tuesday. The GMP, which represents the extra amount investors are willing to pay over the issue price, reached Rs 525-530 on Monday evening, compared to the upper end of the issue price at Rs 672.
During the subscription period from June 21-23, the IPO received bids for 2.3 times the available shares.
Leading brokerages have provided positive outlooks on the Ideaforge IPO. Motilal Oswal Securities issued a “buy” rating with a target price of Rs 850, emphasizing Ideaforge’s status as a prominent digital transformation company with consistent growth, an extensive product portfolio, and a large customer base.
Similarly, ICICI Securities also assigned a “buy” rating with a target price of Rs 825, highlighting Ideaforge’s advantageous position to capitalize on the rising demand for digital transformation services. The company boasts a capable management team and a history of successful execution.
The Ideaforge IPO is set to be listed on the BSE and NSE on June 28.
