Indo-MIM jumps 45% on D-st debut; Lohia Corp, Xtranet Technologies post mixed listings

Shares of Indo-MIM, Lohia Corp and Xtranet Technologies made their stock market debut on Thursday, July 30 after cumulatively raising Rs 5,080 crore from the respective primary offerings. However, listing of these companies have been on a mixed grounds, considering the trends from the grey market premium (GMP).

Despite the recent recovery in the Indian equity markets, all the three listing bound issues have taken a hit lately, suggesting a varied listing for investors. However, all of these issues hint at a positive stock market debut later, despite a correction in their grey market premium for peak.

Indo-MIM listing
Shares of Indo-MIM were listed at Rs 703 on BSE, a premium of 44.95 per cent, over its issue price of Rs 485, while the stock settled at Rs 700 on NSE, a premium of 44.33 per cent over the given issue price. As of the listing price investors made a profit of Rs 7,600 on each lot allotment to them.

Ahead of its listing, shares of Indo-MIM were commanding a grey market premium of Rs 175-180 apeice, suggesting a listing pop of 36-37 per cent for the investors. The issue was overall subscribed a solid 72.34 times with nearly 50.79 lakh applications, fetching bids for Rs 1.98 lakh crore. The company raised a total of Rs 3,811 crore.

Incorporated in 1996, Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. HDFC Bank Ltd, ICICI Securities, Axis Bank Ltd and Kotak Mahindra Company and SBI Capital Markets were the book running lead managers for Indo-MIM and MUFG Intime India was the registrar of the issue. 

Xtranet Technologies IPO GMP
Shares of Xtranet Technologies were listed at Rs 136 on NSE, a premium of 7.09 per cent, over its issue price of Rs 128, while the stock kicked-off its trading with a mild premium of 2.44 per cent over the given issue price on BSE at Rs 130.10. As of the listing price investors made a profit of Rs 990 on each lot allotment to them.

Just before its debut, shares of Xtranet Technologies were commanding a grey market premium of Rs 14-15 apeice, suggesting a listing pop of 10-11 per cent for the investors. The issue was overall subscribed 12.24 times with over 3.30 lakh applications, fetching bids for Rs 1,430 crore. It raised a total of Rs 167 crore.

Incorporated in 2002, Bhopal-based Xtranet Technologies is an integrated IT solutions provider offering end-to-end services. Share India Capital Services was the sole book running lead manager of Xtranet Technologies IPO and Kfin Technologies served as the registrar of the issue.

Lohia Corp IPO GMP
Shares of Lohia Corp settled with a premium of 8.47 per cent over its issue price of Rs 425 at Rs 461 on NSE, while the stock kicked-off its trading settled 8.24 per cent over the given issue price on BSE at Rs 460. As of the listing price investors made a profit of Rs 990 on each lot allotment to them.

Ahead of its listing, shares of Lohia Corp were commanding a GMP of Rs 15 apiece, suggesting a listing pop of 3-4 per cent for the investors. The Kanpur based player raised a total of Rs 1,101 crore from its maiden stake sale, which was overall subscribed 7.25 times, with around 1.91 lakh applications and bids for Rs 4,500 crore.

Incorporated in 2023, Kanpur-based Lohia Corp is a global manufacturer of machinery and equipment for technical textiles. Equirus Capital and Motilal Oswal Financial Services were appointed as the book running lead managers of Lohia Corp IPO and MUFG Intime India was the registrar of the issue.