Indo-MIM IPO GMP hits 40% as issue closes today
What's the story
The initial public offering (IPO) of Indo-MIM Ltd, a manufacturer of precision engineering components, is set to close today. The mainboard issue has received a strong response from investors in the first two days of its subscription window. As per data from the National Stock Exchange (NSE), the ₹3,812-crore IPO was subscribed over 4.18 times on Monday morning.
Market forecast
What's the gray market signal?
As the subscription period nears its end, Indo-MIM's unlisted shares are trading at a gray market premium of ₹193. This indicates a potential listing gain of almost 40% for investors.
Based on the upper price band of ₹485, the company's shares are likely to debut at around ₹678 per share on July 30.
The allotment process for this public issue will be finalized by July 28.