IdeaForge Technology IPO – Schedule *(FINAL – RHP Page #395)*
21st June – Announcement of Price Band
23rd June – Anchor Investors Allotment
26th June – Offer Opens
29th June – Offer Closes
04th July – Finalisation of Basis of Allotment
05th July – Unblocking of funds from ASBA Account
06th July – Credit of Equity Shares to Demat accounts
07th July – Commencement of Trading
IdeaForge Technology IPO – Issue Information *(TENTATIVE)*
Issue Opens on: 26th June 2023
Issue Closes on: 29th June 2023
Issue Type: Book Built Issue IPO
Issue Size: 84,41,140 Shares
Face Value: Rs.10/- per Share
Issue Price: Rs.638 – Rs.672 Share *(TENTATIVE)*
Discount: NIL
Market Lot: 22 Shares
Listing At: NSE, BSE
Equity Shares outstanding prior to the Issue = 3,80,98,559 Shares
Fresh Issue of 35,71,428 Shares @672/- = Rs.240.00Crs
Offer for Sale of 48,69,712 Shares @672/- = Rs.327.24Crs
Equity Shares outstanding after the Issue = 4,16,69,987 Shares
Category-wise Break up:
Anchor – 37,92,613 Shares = 254.86Crs
QIB – 25,28,408 Shares = 169.91Crs
B-NII (>10L) – 8,42,803 Shares = 56.64Crs (Lot size: 308 = 2,736 Forms)
S-NII (2L-10L) – 4,21,401 Shares = 28.32Crs (Lot size: 308 = 1,368 Forms)
RII (<2L) – 8,42,803 Shares = 56.64Crs (Lot size: 22 = 38,309 Forms)
Employee – 13,112 Shares = 00.88Crs
Total Issue – 2,12,80,701 Shares = 567.24Crs.
IdeaForge Technology IPO – Financial Information (Basis of Valuation)
The information is collated from the following documents:
1) RHP = Red Herring Prospectus Dated June 19, 2023 (459 pages)
EPS for FY20-21 >>> Rs.(5.03) (Page #118 of RHP)
EPS for FY21-22 >>> Rs.13.13 (Page #118 of RHP)
*EPS for FY22-23 >>> Rs.08.12 (Page #118 of RHP)*
RoNW for FY20-21 >>> (24.48)% (Page #119 of RHP)
RoNW for FY21-22 >>> 26.95% (Page #119 of RHP)
*RoNW for FY22-23 >>> 09.85% (Page #119 of RHP)*
NAV as on 31st March 2023, was Rs.86.81 (Page #119 of RHP)
Listed Industry Peer Group (Page #120 of RHP): MTAR Technologies, Data Patterns India, Astra Microwave Products
IdeaForge Technology IPO – *Required for 1X Subscription*:
Anchor = 254.86Crs
QIB = 169.91Crs
B-NII (>10L) Application = 2,736 Forms (for lotsize of 308)
S-NII (2L-10L) Application = 1,368 Forms (for lotsize of 308)
RII (<2L) Application = 38,309 Forms (for lotsize of 22)
IdeaForge Technology IPO – *Market’s Current Estimates of OverSubscription*:
QIB = 25K Crs. = ~147.14X
B-NII (>10L) = 45K Forms = 16.45X Applic. wise (Avg allotment ~18.73 shares)
S-NII (2L-10L) = 85K Forms = 62.13X Applic. wise (Avg allotment ~4.96 shares)
RII (<2L) Application = 15L Forms = 39.16X Applic. wise (Avg allotment ~0.56 shares)
Interest cost *@9.00%p.a.* for 7days = *115.99paise for 1X*
Thus,
for QIB the costing = 147.14 X 115.99 paise = Rs.170.66 per share (= GMP)
for B-NII (>10L) the costing = 18.73 X 170.66 = Rs.3,196/- per form
for S-NII (2L-10L) the costing = 4.96 X 170.66 = Rs.846/- per form
And, for RII (<2L) the costing = 0.56 X 170.66 = Rs.96/- (= Kostak)
IdeaForge Technology IPO – *GMP Estimated* (as on 20/June)
GMP = 575 +/- 1
KOSTAK:
for B-NII (>10L) = 10,750/-
for S-NII (2L-10L) = 2,850/-
for RII (<2L) = 325/-
SUBJECT TO ALLOTMENT:
for NII (>2L) (for lotsize of 308) = 1,40,000/-
for RII (<2L) (for lotsize of 22) = 10,000/-
IdeaForge Technology IPO – *Expected Delivery Volume on Listing Day*
Pre-opening = 10L shares (NSE + BSE)
EOD = 39L shares (NSE + BSE)
IdeaForge Technology IPO – Expected Listing
@1250 +/- 25
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