Ideaforge Technology IPO: How to check the Allotment Status

Ideaforge Technology IPO worth ₹567 crore consisted of a fresh issue of ₹240 crore and an offer for sale (OFS) of ₹327 crore. Since it is a combination of fresh issue and offer for sale, the equity will get diluted and also the OFS will entail transfer of shares. The issue was overall subscribed 106.06 times, with the maximum subscription coming from the QIB segment, which got subscribed over 125.81 times. While the HNI / NII segment got subscribed about 80.58 times, the retail portion got subscribed 85.20 times. Most of the QIB subscriptions came in on the last day of the IPO, which is the norm. The price band for the IPO was ₹638 to ₹672, and looking at the response, it looks fairly likely that the price discovery would eventually happen at the upper end of the price band.

The basis of allotment will be finalized late on Wednesday, 05th July 2023 and the refunds are likely to be initiated on 06th July 2023. The demat credits are expected to happen on 07th July 2023 while the listing of the stock on the NSE and the BSE will happen on 10th July 2023. The IPO of Ideaforge Technology had to be extended by a day as it was supposed to close on 29th June 2023 but was pushed to 30th June due to Eid festivities.

You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.

Checking the allotment status of Ideaforge Technology IPO on BSE website

This is a facility that is available for all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option
• Under Issue Name – Select Ideaforge Technology Ltd from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Ideaforge Technology Ltd allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

Checking the allotment status of Ideaforge Technology IPO on Link Intime India Private Limited (Registrar to the IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/IPO/public-issues.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Ideaforge Technology Ltd from the drop-down box. In the case of Ideaforge Technology Ltd, data access will be allowed late on 05th of July 2023 or by middle of 06th of July 2023.

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.
   
• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.
   
• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.
   
• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.
   
• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.
   
• Finally, click on the Search button and the results would be displayed.

The IPO status with number of shares of Ideaforge Technology Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records.

Ideaforge Technology was Incorporated in 2007 to manufacture Unmanned Aircraft Systems (UAS). These UAS or drones are used extensively from mapping to army operations to minerals prospecting and even for mundane tasks like delivery of pizzas. This is a fairly complex and high-tech product. Drones also assist the Indian defence forces and the Border Security Forces in conducting Intelligence, Surveillance, and Reconnaissance (ISR) operations along sensitive borders; where manual intervention cannot be risked or is not feasible.

The company has two principal software products viz. BlueFire Live and BlueFire Touch. BlueFire Live enables secure and live streaming of UAV feeds while BlueFire Touch is a Ground Control Software (GCS) to plan and command mapping and surveillance missions. Ideaforge Technology Ltd is the market leader in the UAS business with over 50% market share as of FY22. Book running lead managers to the IPO are JM Financial and IIFL Securities Ltd. Link Intime India Private Ltd will be the registrars to the issue