US Markets
Home›US Markets›IPOs›Indo-MIM shares surge on blockbuster IPO debut
Indo-MIM shares surge on blockbuster IPO debut
The IPO was subscribed 72.3 times and raised about ₹500 crore through a fresh issue, with part of the proceeds earmarked for repaying borrowings.
Indo-MIM Ltd debuted on the stock exchanges with its shares opening at ₹700 on the NSE, 44.3% above the IPO issue price of ₹485. On the BSE, shares opened at ₹703, up 44.9% from the offer price, and the stock was trading nearly 3% higher after the initial surge, according to LiveMint Markets.
The precision engineering components maker listed with a market capitalization of ₹35,132.87 crore. LiveMint Markets reported that the IPO was subscribed 72.34 times by the close of bidding on Monday, with the QIB portion subscribed 204.34 times, the NII segment 50.63 times, and the retail category 6.67 times.
The IPO price band was ₹461-485 per share. LiveMint Markets said the deal included a fresh issue worth ₹500 crore, plus an offer for sale of around 6.83 crore equity shares by existing shareholders.
LiveMint Markets also said Indo-MIM plans to use ₹400 crore from the fresh issue proceeds for the prepayment or repayment of certain outstanding borrowings, and the remaining funds for general corporate purposes. Founded in 1996, the Bengaluru-based company focuses on metal injection molding technology and supplies high-precision components across multiple industries.