Indo-MIM IPO surges to 3.07x subscription on day 2; NII category crosses 8 times
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The Indo-MIM Limited IPO has seen significant interest, with total subscriptions reaching 3.07 times on Day 2, driven largely by non-institutional investors. All investor categories are now fully subscribed ahead of the final bidding day, with analysts recommending a 'Subscribe' rating based on the company's strong market position and reasonable valuation. The IPO is set to close on July 27, 2026, and shares will list on July 30, 2026.
The Indo-MIM Limited IPO gathered strong momentum on its second day of bidding, July 24, 2026, with cumulative subscription jumping to 3.07 times the total shares on offer, up sharply from 1.11 times at the end of Day 1.
The non-institutional investor category was the standout performer, subscribing 8.44 times its allotted portion by the close of Day 2. The smaller NII bucket, bids between ₹2 lakh and ₹10 lakh, led within the segment at 8.80 times, while the larger NII bucket came in at 8.26 times. Individual non-institutional bidders dominated both buckets, contributing 6.07 crore shares in the larger bucket and 3.34 crore shares in the smaller one.
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The qualified institutional buyer segment crossed the fully-subscribed mark on Day 2, reaching 1.11 times against 0.17 times on Day 1. Foreign institutional investors were the most active within QIBs, bidding for 1.05 crore shares, while mutual funds held steady at 10.31 lakh shares, unchanged from Day 1. The “Others” QIB category, which includes alternative investment funds and insurance companies, added 57.93 lakh shares.
Retail individual investors more than doubled their Day 1 subscription level, moving from 0.85 times to 1.89 times by end of Day 2. The bulk of retail bids came in at the cut-off price, with 4.29 crore shares bid at cut-off against 89.87 lakh shares at specific price points.
The employee reservation portion saw strong participation as well, rising to 3.02 times from 1.47 times on Day 1.
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With one day of bidding remaining, the issue closes July 27, 2026, all categories are now fully subscribed. The QIB category, which traditionally sees its heaviest participation on the final day, currently stands at just 1.11 times, leaving significant room for institutional demand to build on Day 3.
Choice Broking, Anand Rathi, and Swastika Securities, have a “Subscribe” rating on the IPO. Anand Rathi noted the valuation at approximately 45x FY26 earnings as reasonable given Indo-MIM’s position as the world’s largest MIM manufacturer with a 6.8 per cent global market share. The company reported FY26 revenue of ₹4,193 crore, up 25.9 per cent year-on-year, with adjusted PAT of ₹611.6 crore. Shares are set to list on BSE and NSE on July 30, 2026.
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Published on Hindu BusinessLine