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Indo-MIM IPO draws bids for 1.41 times shares on Day 1
The non-institutional investor portion was subscribed 3.0 times, while the retail and qualified institutional buyer portions lagged at 0.88 times and 0.18 times, respectively.
Indo-MIMs initial public offering opened on July 23 and attracted demand on its first day of bidding, with bids for 6.29 crore shares compared with 4.45 crore shares on offer, bringing overall subscription to 1.41 times by the end of Day 1, according to exchange data, via LiveMint Markets.
Investor participation was led by non-institutional investors, whose portion was subscribed 3.04 times. Retail investors were subscribed 0.88 times, while qualified institutional buyers were subscribed 0.18 times.
The deal consists of a fresh issue of equity shares worth ₹500 crore and an offer for sale of up to ₹3,312 crore by existing shareholders and promoters. Under the offer for sale, Green Meadows Investments will sell 6.05 crore shares, while Anuradha Koduri and IIT Madras will divest 54.59 lakh and 23.07 lakh shares, respectively.
Indo-MIM plans to use ₹400 crore from the fresh issue proceeds for repayment or prepayment of certain borrowings, with the remainder set aside for general corporate purposes. The basis of allotment is expected to be finalized on July 28, refunds are expected to begin July 29, and the stock market debut on the BSE and NSE is scheduled for July 30, subject to allotment completion.