It is a busy day for primary market investors as three public issues have opened for subscription simultaneously. Together, these IPOs are looking to raise over Rs 5,000 crore.
But which IPO is attracting the most attention? Is the grey market signalling strong demand? And what are brokerage firms recommending before investors decide to apply?
Here’s a look at the three IPOs that have opened today and what the latest market signals suggest.
Indo-MIM IPO grabs the spotlight
Among the three offerings, Indo-MIM is the biggest issue. The company is looking to raise Rs 3,811.21 crore through a combination of a fresh issue worth Rs 499.10 crore and an offer for sale worth Rs 3,311.21 crore.
The IPO has opened for subscription today and will close on July 27. The price band has been fixed at Rs 461-485 per share, while the allotment is expected on July 28. The company is scheduled to list on the NSE and BSE on July 30.
At the latest available levels, the IPO is commanding a GMP of around Rs 185, indicating an estimated listing price of nearly Rs 670, or about 38% above the upper price band.
According to Anand Rathi’s IPO note, the company is valued at nearly 45 times its FY26 earnings at the upper end of the price band. The brokerage said, “Considering its global market leadership, diversified end-user exposure, integrated manufacturing capabilities, strong export franchise, the valuation appears reasonable.” It has recommended subscribing to the IPO from a medium- to long-term investment perspective.
Lohia Corp IPO offers a different opportunity
Lohia Corp has opened a Rs 1,101.28 crore public issue, which is entirely an offer for sale. The IPO is priced at Rs 404-425 per share and will remain open until July 27.
The allotment is expected on July 28, while listing is likely on July 30.
The grey market sentiment is relatively moderate. The latest GMP stands at around Rs 36 per share, implying an estimated listing gain of nearly 8.5%.
Brokerage firm SBI Securities believes the company’s global positioning remains one of its biggest strengths. In its IPO note, the brokerage said, “Considering its strong position in the global woven raffia machinery market, strong technology and innovation capabilities, extensive installed machine base, well-established international presence and growth opportunities across adjacent machinery segments and aftermarket services, we recommend investors to Subscribe to the IPO for long-term investment.”
Xtranet Technologies IPO: Where does this issue stand?
The third issue is Xtranet Technologies, which has fixed its price band at Rs 120-127 per share.
Retail investors will need to apply for a minimum lot of 110 shares, taking the minimum investment to Rs 13,970 at the upper price band. The issue will also close on July 27, with allotment expected on July 28 and listing likely on July 30.
The IPO is currently trading at a grey market premium of around Rs 13 per share, suggesting an estimated listing price of about Rs 140, translating into a potential premium of a little over 10%.
Which IPO is generating the strongest buzz?
Among the three issues, Indo-MIM currently enjoys the highest grey market premium compared with Lohia Corp and Xtranet Technologies. Lohia Corp has received a positive recommendation from SBI Securities, while Anand Rathi has also recommended subscribing to Indo-MIM for medium- to long-term investment.
However, investors should remember that the grey market premium is an unofficial indicator and may change before listing. Investment decisions should be based on the company’s fundamentals, valuations, business outlook and individual risk appetite rather than GMP alone.
Disclaimer: This article is for informational and educational purposes only and does not constitute an offer, solicitation, or financial advice to buy, sell, or subscribe to any IPO or security. Brokerage recommendations and Grey Market Premiums (GMP) mentioned reflect third-party analysis and unverified market indicators that are inherently volatile and subject to rapid change. Investors should independently evaluate company prospectuses, underlying fundamentals, and individual risk profiles rather than relying on market rumors or speculative trends. Please consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.