Indo-MIM’s ₹3,810-crore initial public offering entered its second day of bidding with a grey market premium of ₹166, signaling a potential 34% listing gain. The premium reflects unofficial trading activity ahead of the stock’s debut.
The IPO was fully subscribed on its first day, with the grey market premium holding at ₹166 on Friday, according to InvestorGain. At this level, the estimated listing price would be around ₹651—above the upper price band of ₹485. The premium suggests perceived growth potential for Indo-MIM, a leader in metal injection moulding (MIM) technology.
Subscription demand climbs on second day
By midday Friday, the IPO had been booked 1.72 times, with investors bidding for 94.8 million shares against the 55.1 million shares on offer. Non-institutional investors led demand, subscribing 4.7 times their allotted quota.
The first day saw weaker interest. The issue was subscribed 1.13 times on Thursday, with non-institutional investors driving demand at 3.03 times. Retail investors booked 0.86 times their portion, while qualified institutional buyers subscribed just 0.18 times.
The IPO closes on July 25. Share allotment is expected to be finalized on July 28, with tentative listing on the NSE and BSE on July 30.
Company background and financials
Indo-MIM, founded in 1996, is a precision engineering company specialising in metal injection moulding (MIM) technology. It supplies components to automotive, aerospace, defence, and medical industries, producing over 6,400 products in the last fiscal year.
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The IPO consists of a fresh issue of 10.3 million shares worth ₹499.1 crore and an offer for sale of 68.3 million shares valued at ₹3,311.21 crore. The price band is set at ₹461-485 per share, with a minimum bid size of 30 shares for retail investors—requiring an investment of ₹14,550 at the upper end.
HDFC Bank is the book-running lead manager, and MUFG Intime India is the registrar.
The company reported strong financial performance in FY26, with revenue rising 28% to ₹4,320.7 crore and profit after tax increasing 26% to ₹533.54 crore. EBITDA grew to ₹1,070.92 crore from ₹932.6 crore the previous year.
Proceeds from the fresh issue will primarily be used to repay or prepay outstanding borrowings.
Grey market premiums are unofficial and can shift rapidly before listing. Investors are advised to review the red herring prospectus and consult financial advisors before committing funds.
