Ideaforge IPO to close a day earlier on account of market holiday

Due to Bakrid, India’s National Stock Exchange (NSE) will remain closed for trading on 30 July. Ideaforge, India’s top drone maker, generated a lot of investor interest in the first two days of its IPO and was subscribed 8.58 times overall, with the retail portion 27 times over-subscribed. The company’s shares currently command a premium of INR540 ($7.24), indicating big listing gains for investors. Ideaforge’s IPO is composed of a fresh issue of shares of up to INR2.4bn and an offer for sale of up to 4.86 million shares.

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