Indo-MIM IPO Day 2: Check latest GMP, subscription status, and other details - Apply or not?

Indo-MIM IPO Day 2: The Indo-MIM IPO opened for public subscription on July 23 and will remain open until July 27. The company has set the price band at ₹461-485 per equity share.

The public offering is sized at ₹3,811 crore and consists of a combination of a fresh issue and an offer for sale (OFS). The fresh issue comprises 1.03 crore equity shares worth ₹499.10 crore, while the OFS consists of 6.83 crore equity shares aggregating to ₹3,311.21 crore.

The basis of allotment is expected to be finalised on July 28. Successful applicants are likely to receive shares in their demat accounts on July 29, while refunds for unsuccessful bidders are also expected to be processed the same day. The company's shares are scheduled to be listed on the BSE and NSE on July 30.

Investor sentiment toward the IPO is in the green, as Xtranet Technologies grey market premium (GMP) is ₹165 today. This suggests that the stock is likely to debut at ₹650, a premium of 34% from the IPO price.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

The IPO was subscribed 1.41 times by 10:25 am on Day 2. The retail portion was subscribed 1.06 times, and NII portion was booked 3.88 times, while the Qualified Institutional Buyers (QIBs) portion received 0.18 times bids till now. Moreover, the employee quota was booked 1.79 times

The company has received bids for 7.78 crore shares against 5.50 crore shares on offer.

Brokerages have largely maintained a positive outlook on the Indo-MIM IPO, citing the company's global leadership in the metal injection molding (MIM) segment, diversified customer base, strong financial performance and integrated manufacturing capabilities. However, they also noted that the issue is priced at a premium valuation.

Anand Rathi has assigned a 'Subscribe' rating to the IPO, noting that the issue is valued at around 45x FY26 earnings at the upper end of the price band. The brokerage believes the valuation is reasonable given Indo-MIM's global leadership in MIM, diversified end-user exposure, integrated manufacturing capabilities and strong export franchise. It recommends subscribing to the issue from a medium- to long-term investment perspective.

Swastika Investmart also recommends investors apply for the IPO. It highlighted that Indo-MIM is the world's largest Metal Injection Molding (MIM) company by installed capacity, with a diversified presence across the automotive, aerospace, defence, medical and consumer sectors, providing it with a strong competitive moat. The brokerage noted that the company reported around 28% revenue growth and 26% PAT growth in FY26, along with a RoNW of 21.3% and ROCE of 26.6%. It added that the ₹400 crore debt repayment planned from the fresh issue proceeds will further strengthen the company's balance sheet. While acknowledging that the IPO is priced at a premium P/E of around 45x FY26 earnings, Swastika believes the valuation is justified by Indo-MIM's global leadership and technological edge, and recommends applying for both listing gains and long-term wealth creation.

The company plans to utilise the net proceeds from the fresh issue primarily for the repayment or prepayment, in full or part, of certain outstanding borrowings, for which it has earmarked ₹400 crore. The remaining proceeds will be used for general corporate purposes.

The IPO has been structured with a lot size of 30 equity shares. At the upper end of the price band, retail investors will have to invest a minimum of ₹14,550 for one lot.

The public issue also includes a reservation of up to 2,00,000 equity shares for eligible employees, who will be offered the shares at a discount of ₹45 per share to the issue price.

Ahead of the IPO opening, Indo-MIM raised ₹1,140.99 crore from anchor investors. The anchor investor bidding took place on July 22, 2026.

HDFC Bank Ltd. is the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. has been appointed as the regis...