Indo-MIM leads three Indian IPO launches with 38% gray market premium

Three mainboard IPOs opened for bidding on July 23 in India: Indo‑MIM Ltd, Lohia Corp and Xtranet Technologies. Indo‑MIM set a price band of ₹461‑₹485 per share, aims to raise ₹3,811 crore through a fresh issue and an Offer for Sale, and posted a gray‑market premium of about 38% (₹181), indicating strong investor interest. The issue was subscribed only 0.05 times at the time of reporting, with the retail and NII portions similarly low.

Lohia Corp offered an all‑OFS issue of ₹1,101 crore with a price band of ₹404‑₹425 per share and a modest gray‑market premium of ₹35, suggesting a potential listing gain of around 8%. Xtranet Technologies, an IT firm, launched a fresh‑issue IPO of ₹166 crore; its gray‑market premium was weak and no significant demand was reported. Market analysts noted that the primary market is reviving despite global uncertainties, with investors focusing on firms that have solid business models and valuations.