Three significant mainboard Initial Public Offerings (IPOs) — Indo-MIM, Lohia Corp, and Xtranet Technologies — concluded their bidding periods on Monday, July 27, 2026. These three issues collectively aimed to raise approximately Rs 5,080 crore from the market, having commenced bidding on Thursday, July 23.
All three IPOs attracted a decent response from investors throughout their subscription windows. Here's a detailed look at their final bidding status and Grey Market Premiums (GMPs) as of the closing day.
Indo-MIM IPO: Strong Investor Interest Fuels Subscription
The IPO of Indo-MIM witnessed an overwhelming response, being booked an impressive 49.36 times overall by 3:05 PM on July 27. Investors placed bids for 2,71,92,78,840 equity shares against the total offering of 5,50,93,201 shares.
- Retail Portion: Subscribed 5.86 times.
- Non-Institutional Bidders (NII): Subscribed 47.13 times.
- Qualified Institutional Bidders (QIB): Saw exceptional demand, booked 127.68 times.
Indo-MIM offered its shares in a price band of Rs 461-485 per share, with a lot size of 30 equity shares. The precision engineering firm sought to raise Rs 3,811 crore through this offering. In the grey market, Indo-MIM's shares commanded a premium of Rs 200-205, indicating a potential listing gain of 40-42 percent for investors. Analysts at Hem Securities had assigned a 'subscribe' rating, citing Indo-MIM's global leadership in MIM technology, strong OEM relationships, and diversified product portfolio.
Lohia Corp IPO: Moderate Subscription for Textile Equipment Maker
Lohia Corp's IPO was subscribed 3.79 times overall by the close of bidding on July 27. The issue received bids for 5,43,86,710 equity shares against the net offered size of 1,43,52,274 shares.
- Retail Portion: Subscribed 2.03 times.
- Non-Institutional Investors: Subscribed 3.89 times.
- Qualified Institutional Bidders: Subscribed 4.39 times.
The Kanpur-based textile equipment manufacturer offered shares at Rs 404-425 apiece in multiples of 35 shares, aiming to raise Rs 1,101 crore. This was entirely an Offer for Sale (OFS) of up to 2.59 crore equity shares. Lohia Corp's Grey Market Premium stood at Rs 8-10, suggesting a modest listing gain of approximately two percent. Geojit Investments recommended a 'subscribe' rating for medium- to long-term investors, highlighting the company's leadership in woven raffia machinery, strong export franchise, and healthy order book.
Xtranet Technologies IPO: Decent Interest with Corrected GMP
The smallest among the three, Xtranet Technologies' IPO, was booked 8.62 times overall by 3:05 PM on July 27. Investors bid for 7,92,10,890 equity shares against an offered size of 91,93,800 shares.
- Retail Bidders: Subscribed 7.45 times.
- Non-Institutional Investors: Subscribed 20.89 times.
- Institutional Bidders: Subscribed 1.46 times.
The IT solutions provider offered shares in the range of Rs 120-127 apiece, with a lot size of 110 equity shares. The issue was a fresh share sale of 1,31,34,000 equity shares, targeting Rs 167 crore. Xtranet Technologies saw its Grey Market Premium correct to Rs 7 per share, indicating a potential listing pop of 5-6 percent. Marwadi Financial Services issued a 'subscribe with caution' rating, acknowledging the company's reasonable valuation and established track record with government and PSU clients, but also noted concerns regarding its weak cash conversion cycle.