Indo-MIM IPO allotment today: How to check status online
What's the story
Indo-MIM's initial public offering (IPO) allotment is likely to be finalized today. The company's shares will debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on July 30. The IPO, which was open for subscription from July 23 to July 27, saw a stellar subscription of over 72 times overall.
Investor interest
Retail portion reserved for the issue
The IPO attracted a lot of institutional investor interest, with the Qualified Institutional Buyers (QIBs) portion subscribed 204.34 times.
The Non-Institutional Investor (NII) category was subscribed 50.63 times while the Retail Individual Investor (RII) segment saw a healthy 6.67 times subscription.
The public issue consisted of a fresh issue of equity shares worth ₹499.1 crore and an Offer for Sale (OFS) by existing shareholders aggregating ₹3,311.21 crore at an upper price band of ₹485 per share.
Allotment check
How to check IPO allotment status
Investors can check their allotment status via MUFG Intime India (Registrar), NSE, or BSE.
On the Registrar's website, they have to select Indo-MIM from a dropdown menu and enter their PAN/application number/DP/Client ID.
On NSE and BSE websites, they have to select Equity category and then Indo-MIM from the list before entering their application number/PAN for checking status.
Market response
What's the gray market saying?
The gray market is also witnessing strong investor sentiment ahead of the listing.
The latest GMP is ₹190, which translates to a premium of around 39% over the upper issue price of ₹485. Based on this, the stock is expected to list at around ₹675 per share.
However, it's important to note that GMP is an unofficial indicator based on market sentiment and speculative trading.
Company growth
About Indo-MIM
Indo-MIM plans to use ₹400 crore of the fresh issue proceeds for repayment/prepayment of certain outstanding borrowings. The rest will be used for general corporate purposes.
Founded in 1996, Indo-MIM is a leading manufacturer of precision engineering components using Metal Injection Molding (MIM) technology.
The company has diversified beyond MIM by adding advanced manufacturing capabilities such as investment casting, precision machining, ceramic injection molding, and 3D metal printing over the years.