Three companies—Indo-MIM, Lohia Corp, and Xtranet Technologies—open for public subscription today, July 23, aiming to raise a combined ₹5,079 crore. Investors are evaluating grey market trends and brokerage recommendations as the subscription window runs until July 27.
Detailed Coverage
The Indian primary market sees a flurry of activity today as three companies—Indo-MIM, Lohia Corp, and Xtranet Technologies—launch their initial public offerings (IPOs). These offerings, collectively seeking to raise ₹5,079.29 crore, will remain open for subscription until July 27, with shares expected to be allotted on July 28 and listed on the exchanges on July 30.
Indo-MIM IPO Structure and Market Interest
Indo-MIM is the largest of the three, aiming to raise ₹3,811.21 crore through a combination of a fresh issue of shares and an offer for sale. The company has set a price band of ₹461–₹485 per share. For retail investors, the minimum application size is 30 shares, requiring a minimum investment of ₹14,550 at the upper price band. The company has attracted attention in unofficial markets, where the grey market premium is reportedly around ₹185 per share, indicating a potential premium of over 38% relative to the issue price. Several brokerages, including Anand Rathi Share & Stock Brokers and Kantilal Chhaganlal Securities, have issued subscription-focused recommendations for the issue.
Lohia Corp and Xtranet Technologies IPOs
Lohia Corp is entering the market with an offer for sale worth ₹1,101.28 crore. The price band for this issue is set at ₹404–₹425 per share. Investors looking to participate must apply for a minimum lot of 35 shares. Unofficial market sentiment for Lohia Corp appears more modest, with the grey market premium quoted at approximately ₹36 per share, or roughly 8% above the upper price band. The issue has received positive coverage from brokerages such as SBI Securities and Mastertrust.
Xtranet Technologies is also launching its IPO to raise ₹166.80 crore through a fresh issue of shares, with a price band fixed at ₹120–₹127. The retail lot size for this offering is 110 shares. Grey market indicators suggest a premium of around ₹13 per share, representing a 10% premium. While firms like Swastika Investmart have suggested subscribing, SBI Securities has adopted a neutral stance on this particular offering.
Important Considerations for Investors
As these three companies enter the public market, investors should note that grey market premiums are unofficial and can change rapidly based on demand and overall market sentiment. They do not guarantee listing gains. Furthermore, each company carries its own set of business risks, including competition, raw material price volatility, and regulatory factors typical of their respective sectors. As the subscription period progresses, investors may monitor the daily subscription levels for retail, non-institutional, and qualified institutional buyers, as this data often provides a clearer picture of market demand and confidence in the pricing of these offerings.