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The ideaForge Technology Limited initial public offering (IPO) was placed on the BSE and NSE at a stunning 93% premium to the ideaForge IPO price band of 638 to 672. Within minutes after the ideaForge IPO listing, the share price opened on the BSE at 1305.10 per share and quickly rose to an intraday high of 1344.00 per share. Similarly, the ideaForge share price opened at 1300 on the NSE and quickly rose to an intraday high of 1343.95 per share.
Multibagger returns within a fortnight
As a result, an allottee’s money was doubled within minutes of the ideaForge IPO filing date. This means that the drone maker company managed to quadruple the money of its lucky allottees in less than 15 days after the IPO opened for subscription on June 26th, 2023.
ideaForge IPO share price outlook
However, stock market analysts predict that the share price of ideaForge will climb further. They stated that in the long run, one should book a 50% profit, fish out their principal, and keep the drone maker company’s stock for 1700 per share.
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Anubhuti Mishra, Equity Research Analyst at Swastika Investmart, commented on the outlook for ideaForge shares, saying, “While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors book profits and exit their positions.” This is because the stock is already trading at a large premium to its issue price after listing. Furthermore, the company is subject to some business-related risks, so it is preferable to lock in these gains now rather than risk taking them forward; however, ambitious investors can still hold it with a stop loss at 1170.”
When asked about a balanced approach to maximising one’s return on ideaForge IPO shares, Vaibhav Kaushik, Research Analyst at GCL Broking, replied, “As the stock has provided multibagger returns to its allottees, my advice is to book 50% profit and fish out one’s principal.” The remaining 50% is advised to be held for future returns as the stock appears to be strong as the defence and drone themes are predicted to function in the medium to long term. “IdeaForge shares can be held for a medium-term target of 1540 and a long-term target of 1700.”