Indo-MIM IPO Day 2: GMP Signals 34% Listing Premium as ₹3,810-Crore Issue Attracts Strong Demand

The ₹3,810.31-crore IPO of Indo-MIM Ltd. continued to attract strong investor interest on the second day of bidding, and the issue enjoyed good subscription across investor categories. The company's GMP (Grey Market Premium) is still strong at ₹166, and the company will be able to list on the stock exchanges.

According to Day 2, the IPO was subscribed 1.72 times, with investors bidding for 9.48 crore shares against 5.51 crore shares that are available for subscription.

Subscription Status (Day 2)

Demand has been led by Non-Institutional Investors (NIIs) while participation from retail investors also continues to improve.

• Overall Subscription: 1.72x
•  NII Category: 4.70x  
• Retail and QIB participation also increased when compared to the opening day.

The IPO will close on 25 July

Latest GMP Today

According to market trackers, Indo-MIM IPO's Grey Market Premium (GMP) stands at ₹166.

Based on the upper price band of ₹485 per share, the listing price is estimated to be around ₹651, implying a possible listing gain of about 34%.

However, investors will have to be conscious that the Grey Market Premium is an unofficial indicator and will change from day to day before listing.

IPO Details

The public issue comprises a fresh issue and an Offer for Sale (OFS):

• Fresh Issue: 1.03 crore equity shares.
• Worth ₹499.10 crore.
• Offer for Sale (OFS): 6.83 crore equity shares.
• Worth ₹3,311.21 crore.
• Total Issue size: ₹3,810.31 crore.
• Price Band. 
• ₹461 – ₹485 per share. 

Minimum Investment

Retail Investors

• Minimum application: 30 shares
• Minimum investment: ₹14,550 (at the upper price band)

Book Running Lead Manager

• HDFC Bank Ltd.

Registrar

• MUFG Intime India Pvt. Ltd. 

The tentative IPO timeline is:

• IPO Closing: July 25  
  Allotment Finalisation: July 28  
• Credit of shares and refunds: July 29.
• Expected Listing on NSE & BSE: July 30.

Use of IPO Proceeds

The company will be using the proceeds from the fresh issue mainly for:

Repayment or prepayment of certain outstanding borrowings.

The funds raised through the Offer for Sale will be given to the selling shareholders.

Strong Financial Performance

Indo-MIM showed healthy financial growth during FY26.

• FY26 Highlights  
  Total Income: ₹4,320.70 crore  
• Up from ₹3,373.97 crore in FY25.
• Profit After Tax (PAT): ₹533.54 crore.
• Compared to ₹423.73 crore in the previous year.
•  EBITDA: ₹1,070.92 crore.
• Up from ₹932.60 crore in FY25.

The company recorded 28% revenue growth and 26% net profit growth; strong operational performance.

About Indo-MIM

First established in 1996, Indo-MIM is one of the world's largest manufacturers using Metal Injection Moulding (MIM) technology.

The company offers end-to-end precision engineering solutions:

• Product design  
• Tooling.
• Metal injection moulding.
• Finishing.
• Assembly  

Its products are supplied to industries such as:

• Automotive.
• Aerospace.
• Defence.
• Medical.
• Consumer products  

The company produced more than 6,400 different products in FY26 as well as served customers in the domestic and global markets.

Investor Outlook

The strong Grey Market Premium, healthy subscription levels, and strong financial performance are all reasons why investors have good confidence in the IPO. Still, investors will need to consider the company’s fundamentals, valuation, industry outlook and risks before investing.