Milky Mist, Dhoot, LEAP, Technocraft, Molbio: Check bidding status & GMPs of 5 ongoing IPO

Five IPos- LEAP India, Technocraft Ventures, Dhoot Transmission, Molbio Diagnostics and Milky Mist Dairy Food- are currently open for investors for subscription. While the first two will close on Tuesday, August 11 and the last one has kicked off-for subscription on the same day. The other two, however, are going through the second day of subscription.

All the five IPOs are eyeing to raise nearly Rs 8,300 crore from investors from their maiden offerings. However, grey market premia (GMP) signal different listing gains for investors. One should note that GMP is not the assurance of a listing pop for the issue.

Technocraft Ventures IPO The primary offering of Technocraft Ventures was overall subscribed 29.61 times as of 3.10 pm. The quota was qualified institutional bidders (QIBs) was booked 24.38 times, while allocation of non-institutional investors (NIIs) was booked 57.73 times. The portion for retail investors was subscribed 20.54 times as of the same time.

The IPO of EPC solutions player Technocraft Ventures opened for subscription on Friday, August 07. The company sold its shares in the range of Rs 200-212 with a lot size of 70 equity shares. The company is eyeing to raise a total of Rs 252 crore from its maiden stake sale. It currently is commanding a grey market premium of Rs 24 apiece, suggesting a listing pop of 11 per cent for investors.

We recommend subscribe to the issue as a good long-term investment, with its proven execution capability, government/ multilateral-backed revenue visibility, and improving return ratios (RoE of 26.51 per cent, RoCE of 27.72 per cent in FY26) positioning it to consistently capture share in India's structurally growing water and wastewater infrastructure market, said SMIFS.

LEAP India The IPO of LEAP India was subscribed 4.40 times overall as of 3.10 pm, with the QIB portion booked 7.55 times. The NII category saw subscription of 9.29 times, while the retail quota was subscribed 1.24 times.

LEAP opened its IPO for subscription on Friday, August 07, offering shares in the price band of Rs 151-159 apiece with a lot size of 94 equity shares. The company aims to raise Rs 2,480 crore through the issue. In the grey market, the stock is commanding a premium of Rs 10-13 per share, indicating a potential listing gain of 6-8 per cent over the upper issue price.

The LEAP India IPO is valued at an EV/EBITDA multiple of 21.8 times based on FY26 earnings, which appears reasonable considering its leadership position and long-term growth prospects, said KC Securities. "PE is at 113.6 times FY-26 earning after paying debt it also will come down so keep in mind large scale of opportunity," it added with a 'subscribe for long-term rating for investors."

Dhoot Transmission IPO Investors have placed bids for Dhoot Transmission shares 3.16 times the IPO size as of the same time. The QIB category was subscribed 47 per cent, followed by the NII segment at 7.99 times, while retail investors bid for 2.57 times the shares reserved for them. Employee portion was booked 3.09 times.

The Dhoot Transmission IPO opened on Monday, August 10 and comprises shares priced at Rs 829-871 apiece, with each lot containing 17 shares. The public issue is expected to mobilise Rs 3,067 crore. Meanwhile, its grey market premium stands at Rs 245-250 per share, pointing to an estimated 28 per cent premium over the issue price at listing.

Dhoot maintains EBITDA margin of 16 per cent, higher than the peer average, while generating a ROCE of 19 per cent, in line with industry leaders. The IPO is valued at 24.8 times EV/EBITDA and 44.9x P/E, which is at a discount to the peer average, said Nirmal Bang Securities. It recommended a 'subscribe' rating  citing strong market position, robust growth outlook and reasonable valuation.

Molbio Diagnostics IPO The public issue of Molbio Diagnostics witnessed subscription of 2.58 times as of the given time, with investors across categories participating in the offer. The QIB portion was subscribed 1.20 times, the NII quota received bids for 4.06 times the shares on offer, while the retail portion was booked 2.73 times. Employees portion was booked 3.97 times.

The IPO of Molbio Diagnostics, which opened on Monday, August 10, has a price band of Rs 768-807 per share and a lot size of 18 equity shares. Through the issue, Molbio is looking to raise around Rs 940 crore. The stock is currently commanding a grey market premium of Rs 122-127, implying a possible 15-16 per cent listing premium.

Molbio has room to scale volumes from its existing manufacturing base. However, the company remains exposed to concentration risks, with government and international aid agencies contributing 84.56% of FY26 finished-goods revenue and TB test kits accounting for 70.20 per cent of finished-goods revenue, said Arihant Capital with a 'neutral' rating.

Milky Mist Dairy Food IPO  Milky Mist Dairy Food IPO subscription: The issue attracted bids equivalent to 63 per cent the shares on offer as of the given time. Qualified institutional buyers subscribed 39 per cent their reserved portion, while the NII and retail categories recorded subscription of 61 per cent and 77 per cent, respectively.

The IPO opened for bidding on Tuesday, August 11, with the company fixing a price band of Rs 133-140 apiece and a lot size of 107 shares. The company plans to raise Rs 1,553 crore through the offering. In the unofficial market, the shares are trading at a grey market premium of Rs 21 apiece, suggesting a potential listing gain of 15 per cent over the upper end of the IPO price band.

"We assign a 'subscribe with caution' rating to this IPO as the company is the fastest-growing packaged food company in India, with established brand equity and leadership across multiple product categories," said Marwadi Financial Services. "However, even after the proposed debt repayment from IPO proceeds, it's debtto-equity ratio is expected to remain high at 2.5 times, adding to the caution" it added.