Forge Auto International IPO: SME Issue Subscribed 50x; Share Allotment Likely Today, Check Status

Forge Auto International Limited's initial public offering (IPO) has received an overwhelming response from investors. The small and medium-sized enterprise (SME) IPO received a subscription of 49.28 times on its final day of bidding. The IPO was open for bidding from September 26 to September 30, 2024, and it demonstrated strong traction from the outset.

Forge Auto International's IPO was entirely a fresh issue, consisting of 28.8 lakh shares, aggregating up to Rs 31.1 crores. The price band was set between Rs 102 and Rs 108 per share, and investors had the opportunity to subscribe by applying for a minimum of 1,200 shares, requiring an investment of Rs 1,29,600.

The IPO witnessed a steady rise in demand from the opening day itself. On day 1, the issue was subscribed 4.61 times, on day 2, the subscription rate surged to 11.27 times, and on day 3, the IPO closed with an overall subscription of 49.28 times.

On the final day, the Qualified Institutional Buyers (QIBs) segment was subscribed 20.13 times, the Non-Institutional Investors (NIIs) saw a subscription rate of 58.55 times, and the retail investors subscribed 61.95 times of the allotted shares.

Allotment and Listing Dates

The allotment for the Forge Auto International IPO is expected to be finalized today, Tuesday, October 1, 2024. This process will determine which applicants have successfully secured shares in the IPO. Forge Auto International is set to list on the NSE SME platform, with a tentative listing date of Friday, October 4, 2024.

How to Check Allotment Status?

For those who want to check their allotment status, Forge Auto International has appointed Bigshare Services Private Limited as the registrar.

Bigshare Services

Visit the IPO allotment page on Bigshare Services.
Select any one server to proceed with checking your IPO allotment status.
Choose 'Forge Auto International Limited' from the list of companies (the name will appear once the share allocation is finalized).
In the 'Selection Type' dropdown, choose either Application Number, Beneficiary ID, or PAN Number.
Enter the required information and complete the CAPTCHA verification to confirm you're not a robot.
Click the 'Search' button to check your allotment status.

Forge Auto International IPO GMP Today

The Grey Market Premium (GMP) is often seen as an early indicator of how an IPO might perform once listed. As of October 1, 2024, the GMP for Forge Auto International stands at Rs 15 per share, suggesting a 13.89% gain over the upper IPO price band of Rs 108. This means the estimated listing price, based on the GMP, is around Rs 123 per share.

It's important to note that the GMP is not an official price quote but is based on market speculation and investor sentiment. However, the current premium suggests a positive outlook for the stock's listing performance.

About Forge Auto

Forge Auto International is an engineering company specializing in the forging and manufacturing of machined components. The company has an expertise in catering to sectors such as the automobile industry, railways, and more. The company's product range includes rings, big ball studs, gear blank with a broach, stub axle assembly, flange yoke 325 HS, and other precision components.