Summary of this article
Indo-MIM shares debuted strongly on the NSE and BSE.
The Rs 3,811 crore IPO saw massive 72x oversubscription.
Early investors gained immediately from the strong listing premium.
Indo-MIM shares listed on the NSE and BSE on July 30 with strong gains. The stock’s debut price on the NSE was Rs 700 apiece, up 44.32 per cent from the issue price of Rs 485 apiece. On the other hand, the stock listed on the BSE at Rs 703 apiece, up by 44.94 per cent.
Indo-MIM Listing Day Gain
Applicants who were allotted a minimum of one lot or 30 shares of Indo-MIM would have gained at least Rs 6,540 (Rs 703 - Rs 485 x 30) once the precision engineering company's shares listed on the exchange. Soon after Indo-MIM shares were listed, 67.03 millions of shares of the company traded hands on the NSE. The company's total market capitalisation stood at approximately Rs 35,338.08 crore.
Indo-MIM IPO: Offer Size
Indo-MIM IPO was worth Rs 3,811.21 crore. The precision engineering component manufacturer's issue consisted of a fresh issuance of 10.3 million shares and an offer for sale (OFS) of 68.3 million shares. Indo-MIM IPO price band was fixed at Rs 461 to Rs 485 per share. The minimum lot size for application for retail investors was fixed at 1 lot or 30 shares, which aggregated to an investment of Rs 14,550.
Indo-MIM IPO: Subscription
Indo-MIM IPO was oversubscribed 72.34 times in its subscription period which started on July 23 and ended on July 27. Investors across categories placed bids for over 3.98 billion shares compared to the 55.09 million shares offered for the public. The company's non-institutional investors (NII) quota was booked 50.63 times. The Indo-MIM IPO was booked 6.67 times in the retail individual investor category. The precision engineering company's issue was booked 204.34 times in the Qualified Institutional Buyers (QIB) category.
Indo-MIM: Listed Peers
After the successful listing of its shares, Indo-MIM has entered the broader manufacturing sector on the exchanges. The company does not have directly comparable listed peers in India, but globally, its competitors in the metal injection molding (MIM) space include players such as Jiangsu Gian Technology.
Indo-MIM IPO: Objective
Indo-MIM will use the funds raised via the initial public offering to repay or prepay, in full or in part, certain outstanding borrowings and for general corporate purposes.
At the time of writing, shares of Indo-MIM were trading at Rs 711.20 apiece, up 1.6 per cent from their listing price on the NSE. The stock traded at Rs 712 apiece up by 1.28 per cent on the BSE.
