Shares of Indo-MIM, Lohia Corp, and Xtranet Technologies commenced trading on the stock market on Thursday, July 30, following their cumulative primary offerings that raised a substantial Rs 5,080 crore. While Indo-MIM saw a significant jump, the other two companies experienced more varied listing performances, reflecting mixed signals from the grey market premium (GMP) trends.
Indo-MIM's Strong Debut
Indo-MIM shares made a robust entry, listing at Rs 703 on the BSE, marking a 44.95% premium over its issue price of Rs 485. On the NSE, the stock settled at Rs 700, a 44.33% premium. Investors who received an allotment made a profit of Rs 7,600 per lot. Ahead of its listing, the company's shares commanded a GMP of Rs 175-180, indicating a projected listing pop of 36-37%. The IPO was overwhelmingly subscribed 72.34 times, attracting nearly 50.79 lakh applications and bids worth Rs 1.98 lakh crore. Indo-MIM, incorporated in 1996, is a global leader in precision engineering components using metal injection molding (MIM) technology, raising Rs 3,811 crore through its offering.
Xtranet Technologies' Moderate Listing
Xtranet Technologies saw a more modest debut, listing at Rs 136 on the NSE, a premium of 7.09% over its issue price of Rs 128. On the BSE, the stock opened with a 2.44% premium at Rs 130.10. Allotted investors saw a profit of Rs 990 per lot. Before its listing, Xtranet Technologies' shares had a GMP of Rs 14-15, suggesting a 10-11% listing gain. The IPO was subscribed 12.24 times, receiving over 3.30 lakh applications and bids for Rs 1,430 crore. Bhopal-based Xtranet Technologies, established in 2002, is an integrated IT solutions provider that raised Rs 167 crore.
Lohia Corp's Initial Gains
Lohia Corp shares also listed with a premium, settling at Rs 461 on the NSE, an 8.47% increase over its issue price of Rs 425. On the BSE, the stock began trading at Rs 460, an 8.24% premium. Similar to Xtranet, investors made a profit of Rs 990 per lot. The company's GMP was Rs 15, projecting a 3-4% listing gain. The Kanpur-based manufacturer of machinery and equipment for technical textiles, founded in 2023, raised Rs 1,101 crore from its maiden stake sale, which was subscribed 7.25 times with approximately 1.91 lakh applications and bids for Rs 4,500 crore.