ideaForge IPO: Shares Soar on Dalal Street. What's Next?
The initial public offering (IPO) of ideaForge Technology Limited had an impressive start on both the BSE and NSE stock exchanges.
The initial public offering (IPO) of ideaForge Technology Limited had an impressive start on both the BSE and NSE stock exchanges. The shares were listed at a significant 93% premium compared to the IPO price range of ₹638 to ₹672. On the BSE, ideaForge shares opened at ₹1305.10 per share and quickly reached a high of ₹1344.00 per share. Similarly, on the NSE, the shares opened at ₹1300 and reached an intraday high of ₹1343.95 per share.
Investors who were allotted shares during the IPO experienced remarkable gains within a short period. Their investment doubled in just a few minutes after the shares were listed. This means that ideaForge managed to provide substantial returns to lucky investors in less than 15 days since the IPO subscription opened on June 26, 2023.
Experts in the stock market anticipate further growth in ideaForge share price. They suggest booking 50% profit and withdrawing the principal amount, while holding the remaining shares for a long-term target of ₹1700 per share. Anubhuti Mishra, an Equity Research Analyst at Swastika Investmart, recommends investors to secure their gains due to the stock's significant premium and associated business risks. However, more aggressive investors can still hold the stock with a stop loss at ₹1170.
For a balanced approach, Vaibhav Kaushik, a Research Analyst at GCL Broking, advises booking 50% profit and withdrawing the principal amount. The remaining 50% can be held for further returns, as the stock shows positive prospects in the defense and drone sector for the medium to long term. The suggested medium-term target for ideaForge shares is ₹1540 and the long-term target is ₹1700 per share.
Disclaimer: The opinions and recommendations expressed in this article are those of individual analysts and do not represent the views of Mint. We advise investors to consult certified experts before making any investment decisions.
What's Your Reaction?
