ideaForge IPO: What GMP (grey market premium) signals after strong response by investors?

ideaForge IPO GMP today

As said above, ideaForge IPO GMP today is ₹540, which is ₹50 its Wednesday’s high of ₹490. Market observers said that rise in grey market sentiment can be attributed to positive sentiments on Dalal Street as Nifty and Sensex hit life-time high on Wednesday. They advised investors to expect whopping return from the public issue as the premium available on the IPO is to the tune of 80 per cent against its price band of ₹638 to ₹672 per equity share.

What this GMP means?

Market observers went on to add that ideaForge IPO GMP today is ₹540, which means grey market is expecting that ideaForge IPO listing price would be around ₹1,212 ( ₹672 + ₹540), which is around 80 per cent higher from ideaForge IPO price band of ₹638 to ₹672 apiece.

However, stock market investors advised IPO investors to rely on financials of the company as GMP has no connect with company’s balance sheet. They said that GMP is non-regulated and completely speculative and sometimes it gives artificial figure, especially when the public issue is open for bidding.

ideaForge IPO subscription status

As per the ideaForge IPO subscription status, the public issue has been subscribed 50.38 times whereas its retail portion has been subscribed 64.88 times. In NII category, the IPO has been subscribed 64.10 times whereas in QIB category, ideaForge IPO has been subscribed 38.62 times.

Updated: 29 Jun 2023, 01:31 PM IST