Ideaforge IPO subscribed 6.16x on 2nd day of bidding process; check GMP and other details

India’s top drone maker IdeaForge’s IPO has been subscribed 6.16 times so far in the bidding process’s second day, driven by a robust demand from retail investors. The company has priced its offer between Rs 638-672, aiming to raise about Rs 567 crore. The grey market premium stands nearly 80% higher compared with the upper end of the offer price at Rs 672. It is advised by most analysts to invest in the issue due to the company’s niche business, but with risks like high dependence on government-aided projects and global vendors.