US Markets
Home›US Markets›IPOs›Indo-MIM IPO allotment expected today as GMP stays firm
Indo-MIM IPO allotment expected today as GMP stays firm
The ₹ 3,811-crore IPO drew an overall subscription of 72.37x, with QIB demand reaching 204.47x, and allotment updates are expected July 28 followed by refunds and share credits on July 29.
Indo-MIM Ltd is expected to finalize the basis of allotment for its ₹ 3,811-crore initial public offering today, July 28, after a strong three-day bidding window. LiveMint Markets said applicants are likely to receive allotment updates today, and successful bidders may also get bank debit notifications.
The IPO closed with an overall subscription of 72.37x, with bids for 3,98,58,76,230 shares against 5,50,74,644 shares on offer. On the final day, qualified institutional buyers drove demand, subscribing 204.47x, while non-institutional investors booked 50.65x and retail investors subscribed 6.69x.
Indo-MIM shares were reported trading at a grey market premium of around ₹ 190 per share on Tuesday. Using the upper end of the IPO price band at ₹ 485 per share, the prevailing GMP suggests an estimated listing price of about ₹ 675, which implies a potential listing gain of 39.18%, though the outlet noted grey market levels are unofficial and can change quickly.
The company’s IPO process runs from July 23 to July 27, with refunds and credit of shares expected on July 29 and a listing scheduled for July 30 on the BSE and NSE. LiveMint Markets said the IPO includes a fresh issue of 1.03 crore shares (₹ 499.10 crore) and an offer for sale of 6.83 crore shares (₹ 3,311.21 crore), with an IPO price band of ₹ 461 to ₹ 485 per share and bidding in lots of 30 shares.