Three mainboard IPOs, Indo-MIM, Lohia Corp and Xtranet Technologies, will hit the primary market on July 23. Ahead of the subscription opening, Indo-MIM is commanding the highest grey market premium, while Xtranet Technologies is also seeing healthy unofficial demand.
While Indo-MIM is a global leader in manufacturing precision engineering components, Lohia Corp is a global manufacturer of machinery and equipment for technical textiles. Xtranet Technologies is an integrated IT solutions provider.
Ahead of the launch of their IPOs, investors are closely watching key trends including the grey market premium (GMP) to gauge broader market sentiment.
GMP is the unofficial premium at which an IPO trades before it officially lists on the stock exchange. Through GMP, investors get an idea about a stock's potential listing gains.
IPO GMP Comparison
Among the three, Indo-MIM is currently leading the grey market with a premium indicating potential listing gains of over 41%, followed by Xtranet Technologies and Lohia Corp.
| IPO | GMP | Price Band | Expected Gain |
| Indo-MIM | Rs 202 | Rs 461-485 | 41.65% |
| Xtranet Technologies | Rs 26 | Rs 120-127 | 20.47% |
| Lohia Corp | Rs 56 | Rs 404-425 | 13.18% |
The IPOs open on July 23, close on July 27, allotment is expected on July 28 and listing is tentatively scheduled for July 30.
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Indo-MIM Latest IPO GMP
According to InvestorGain, the GMP for the Indo-MIM IPO stood at Rs 202 on July 21. Based on the upper end of the IPO price band at Rs 485 per share, the estimated listing price is around Rs 687 (GMP + upper cap). This indicates a potential listing gain of 41.65% for investors.
Indo-MIM's Rs 3,811.21 crore IPO is a book-built issue comprising a fresh issue of 1.03 crore shares worth Rs 499.10 crore and an offer-for-sale (OFS) of 6.83 crore shares aggregating to ₹3,311.21 crore.
The price band has been fixed at Rs 461 and 485 per share.
Retail investors need a minimum of Rs 14,550 for one lot of 30 shares to participate at the upper price end.
HDFC Bank is the lead manager, while MUFG Intime India is the registrar.
Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. The company offers end-to-end solutions including mold design, tooling, finishing, and assembly.
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Lohia Corp IPO GMP
The GMP of Lohia Corp IPO was reported to be Rs 56 on July 21. Based on the upper end of the price band at Rs 425 per share, the estimated listing price is around Rs 481. This means that investors may see a potential listing gain of 13.18%, InvestorGain reported.
Lohia Corp's Rs 1,101.28 crore IPO is a book-built issue comprising entirely an offer for sale of 2.59 crore shares.
The price band has been fixed at Rs 404–425 per share, with a lot size of 35 shares.
Retail investors need a minimum investment of Rs 14,875 at the upper price band.
Equirus Capital is the book-running lead manager, while MUFG Intime India is the registrar to the issue.
Lohia Corp is a global manufacturer of machinery and equipment for technical textiles, especially for producing polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and sacks (raffia).
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Xtranet Technologies IPO GMP
Ahead of launch, the GMP of Xtranet Technologies was at Rs 26 on July 21. Given the issue's upper price band of Rs 127, the stock may debut at Rs 153 (cap price + today's GMP) if the GMP holds. This indicates an expected gain per share of 20.47% for investors.
Xtranet Technologies' Rs 166.80 crore IPO is a book-built issue comprising entirely a fresh issue of 1.31 crore shares.
The IPO price band has been fixed at Rs 120 to 127 per share, with a lot size of 110 shares.
Retail investors need a minimum investment of Rs 13,970 at the upper price band. Share India Capital Services is the lead manager, while KFin Technologies is the registrar.
Xtranet Technologies is an integrated IT solutions provider offering end-to-end services such as enterprise applications, digital transformation, managed services, proprietary platforms, and strategic technology partnerships. The company serves customers across industries.
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While grey market premiums indicate strong unofficial demand, they are speculative and may change before listing. Investors should evaluate company fundamentals, valuations and risk factors in addition to GMP before making investment decisions.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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