The allotment for the initial public offerings of ideaForge Technology and Cyient DLM is to be finalised today. Investors can check their allotment status on the issues' registrars' websites as well as on BSE.
Link Intime is the registrar for the ideaForge Technology IPO whereas, for Cyient DLM, it is KFin Technologies.
The IPO of drone maker ideaForge Technology received robust demand from all sections of investors. It was subscribed 106.06 times in the four days of bidding (June 26-30). The issue received bids for 49.30 crore shares as compared to 46.48 lakh shares on offer.
Its Qualified Institutional Buyers’ (QIB) quota was subscribed the most, 125.81 times, followed by the retail investor portion which saw subscription 85.20 times. Meanwhile, the Non-Institutional Investors' (NII) category was booked 80.58 times.
Cyient DLM IPO also saw a strong response from investors and was subscribed 71.35 times in the 3 days of bidding (June 27-30). The issue received bids for 89.73 crore shares as compared to 2.23 crore shares on the offer. The portion reserved portion for QIBs saw the most subscription, 95.87 times, followed by the retail investor quota which saw bids 52.17 times. Meanwhile, the NII category witnessed subscription 47.75 times and the employees part was subscribed 2.60 times.
Both ideaForge and Cyient DLM are likely to list on the bourses on July 10.
Here's how you can check the allotment status for both IPOs.
On BSE
1) Go to the website: https://www.bseindia.com/investors/appli_check.aspx.
2) Select ‘Equity’ and then from the dropdown, select the issue name (ideaForge or Cyient DLM)
3) Enter your application number and PAN card number
4) Click on the "Search" button
In a similar way, you can also check on their registrars' websites.
1) Go to the website of Link Intime for ideaForge (https://linkintime.co.in/mipo/ipoallotment.html).
And/Or
The website of KFin Technologies for Cyient DLM (https://kosmic.kfintech.com/ipostatus/)
2) Click on ‘Company Selection’ and then select the IPO name (ideaForge/Cyient DLM).
3) Now, enter your PAN, application number, DP / Client ID or Account number / IFSC.
4) Click on ‘Search’.
The status will only appear after allotment if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.
Successful investors will get IPO shares in the Demat account by July 7, and the refunds will be credited to the bank accounts of unsuccessful investors by July 6.
The ₹567-crore ideaForge IPO was open for subscription between June 26 and 30 at a price band of ₹638-672. The IPO comprised of a fresh issue of equity shares worth up to ₹240 crore and an offer for sale (OFS) of up to 48.6 lakh shares by selling shareholders. The fresh issue portion from the offer was reduced from ₹300 after the firm raised ₹60 crore by offloading 8.92 lakh shares to institutional investors in a pre-IPO placement round.
The net proceeds from the fresh issue will be utilised by the company for repaying debts, working capital requirements, and investment in product development, besides general corporate purposes.
Most brokerages had assigned a ‘subscribe’ call on the issue given its favourable valuations, complex/wide product portfolio, presence in niche space, strong client relationship, and high entry barriers. Given the current buoyant market and high interest in defence stocks, the issue could see listing gains as well, they said.
Meanwhile, the ₹592 crore IPO of Cyient DLM, a subsidiary of Cyient, was open for subscription between June 27 and June 30 at a price band of ₹250-265. The issue was a full fresh issue of 2.23 crore shares. Post the IPO, Cyient DLM promoter Cyient will hold a 66.68 percent stake in the firm. Net proceeds from the fresh issue, excluding issue expenses, will be utilised by the company for various objectives, including working capital requirements, capital expenditure, repaying debts, and inorganic growth.
Most experts had a ‘subscribe’ rating for the issue on the back of attractive valuations, niche business sector, strong promoter background, and robust growth potential.
GMP: ideaForge shares witnessed a strong premium of ₹510 in the grey market on Wednesday, indicating a strong demand for the IPO. However, it is down from ₹526 on Tuesday.
On the other hand, Cyient DLM's shares also saw a robust premium of ₹120 in the grey market on Wednesday, indicating a strong demand for the IPO. However, it is down from ₹130 on Tuesday.
However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.
