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Indo-MIM shares debut at ₹700 on NSE, up about 44% from IPO price
The IPO was subscribed 72.37 times overall, with qualified institutional buyers booking 204.47 times, and the company plans to use ₹400 crore of net proceeds to repay or prepay certain borrowings.
Indo-MIM made a strong market debut on Thursday, July 30, listing at ₹700 per share on the National Stock Exchange, a 44.33% premium to its IPO issue price of ₹485. On the Bombay Stock Exchange, the shares opened at ₹703, up 44.95% from the IPO price, according to LiveMint Markets.
Ahead of the listing, the grey market premium indicated expectations for a higher debut, with a GMP of ₹184 per share before trading began. LiveMint Markets also noted that the IPO received heavy demand, with the issue subscribed 72.37 times by the close of bidding, including QIB subscription of 204.47 times.
The company’s IPO saw bids for 3,98,58,76,230 equity shares against 5,50,74,644 shares available for subscription. LiveMint Markets said the non-institutional investor portion was subscribed 50.65 times, while retail investors were subscribed 6.69 times.
The ₹3,810.31 crore public issue included a fresh issue of 1.03 crore equity shares worth ₹499.10 crore and an offer for sale of 6.83 crore shares aggregating to ₹3,311.21 crore. LiveMint Markets reported that the company plans to use ₹400 crore from the net proceeds of the fresh issue to repay or prepay certain outstanding borrowings, with the balance earmarked for general corporate purposes.