Three mainboard IPOs, Indo-MIM, Lohia Corp and Xtranet Technologies, have opened for subscription today, collectively looking to raise over ₹5,000 crore. According to latest reports from The Financial Express, Indo-MIM is currently leading with the highest grey market premium at around ₹187 per share, indicating an estimated listing price of nearly ₹672 or about 38.56% above the upper price band. The IPOs open today and close on July 27, with allotment expected on July 28 and listing tentatively scheduled for July 30 on both NSE and BSE. Recent grey market activity shows Indo-MIM's GMP has ranged from ₹168 to ₹213 over the past four sessions, while Xtranet Technologies' GMP stands at around ₹13 per share, suggesting an estimated listing price of about ₹140. The positive grey market trends indicate strong anticipated listings, reflecting investor enthusiasm amid geopolitical tensions.
According to InvestorGain, Indo-MIM's grey market premium stands at ₹187 per share as of July 23, implying a 38.56% premium over the issue price band of ₹461-485. The company's ₹3,811.21 crore IPO is a book-built issue comprising a fresh issue of ₹499.10 crore and an offer-for-sale of ₹3,311.21 crore by existing shareholders including Green Meadows Investments Ltd, Anuradha Koduri and the Indian Institute of Technology Madras. At the upper price band, Indo-MIM is expected to command a market capitalisation of nearly ₹24,000 crore, with the total issue size estimated at ₹3,811.21 crore. The price band has been fixed at ₹461 and ₹485 per share, with retail investors needing a minimum of ₹14,550 for one lot of 30 shares at the upper price end. The company plans to utilize ₹400 crore from the fresh issue proceeds for repaying borrowings, with the remaining funds allocated for general corporate purposes. As of May 2026, the company's consolidated outstanding borrowings stood at ₹1,212.3 crore. The IPO has received positive brokerage views, with Anand Rathi Share & Stock Brokers rating it "Apply" and Kantilal Chhaganlal Securities recommending "Subscribe". According to Anand Rathi's IPO note, the company is valued at nearly 45 times its FY26 earnings at the upper end of the price band, with the brokerage noting that "Considering its global market leadership, diversified end-user exposure, integrated manufacturing capabilities, strong export franchise, the valuation appears reasonable."
According to InvestorGain, Lohia Corp's grey market premium is ₹36 per share, representing an 8.47% premium over the upper end of its price band at ₹425 per share. The ₹1,101.28 crore IPO is a book-built issue comprising entirely an offer for sale of 25.9 million shares by existing shareholders. The price band has been fixed at ₹404–425 per share, with a lot size of 35 shares and retail investors needing a minimum investment of ₹14,875 at the upper price band. At the upper end of the price band, the company is valued at around ₹4,500 crore. The IPO has received positive recommendations from SBI Securities and Mastertrust. SBI Securities believes the company's global positioning remains one of its biggest strengths, noting in its IPO note that "Considering its strong position in the global woven raffia machinery market, strong technology and innovation capabilities, extensive installed machine base, well-established international presence and growth opportunities across adjacent machinery segments and aftermarket services, we recommend investors to Subscribe to the IPO for long-term investment." Established in 2023, Lohia Corp operates as a global supplier of machinery for the technical textiles industry, with its product portfolio focusing on equipment for manufacturing polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and raffia bags.
Xtranet Technologies IPO opened for subscription on July 23, with shares commanding a 10.24% premium in the grey market over the upper price band of ₹127, indicating potentially positive listing sentiment. The ₹166.80 crore IPO has successfully raised ₹50.04 crore from anchor investors ahead of its public launch, with the company allotting 39.4 lakh equity shares to eight anchor investors at the upper end of the price band. According to The Economic Times, Saint Capital Fund and Viney Growth Fund emerged as the largest anchor investors, each subscribing to 6.3 lakh shares worth ₹8.01 crore. Longthrive Capital and Innovative Vision Fund followed, with each receiving 5.51 lakh shares worth ₹7 crore. Steptrade Revolution Fund, Venus Investments and Tiger Strategies Fund also participated, with each allotted 3.9 lakh shares worth ₹5 crore. The ₹166.80 crore fresh issue comprises 13.1 million equity shares with the price band fixed at ₹120-127 per share, making it another addition to an active primary market. The company plans to utilize the proceeds for ₹102 crore for working capital requirements, ₹20.2 crore for borrowing repayment, ₹8.48 crore for systems and hardware purchase, and the remaining for general corporate purposes. The ₹167 crore IPO has a lot size of 110 shares, requiring a minimum investment of ₹13,970 for retail investors at the upper price band. The IPO has received mixed brokerage views, with Swastika Investmart recommending "Subscribe" while SBI Securities maintains a "Neutral" rating. According to The Financial Express, Xtranet Technologies is currently trading at a grey market premium of around ₹13 per share, suggesting an estimated listing price of about ₹140.
According to reports, Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology, offering end-to-end solutions including mold design, tooling, finishing, and assembly. Lohia Corp is a global manufacturer of machinery and equipment for technical textiles, especially for producing polypropylene (PP) and high-density polyethylene (HDPE) woven fabric and sacks. Xtranet Technologies is an integrated IT solutions provider offering enterprise technology services across digital transformation, cloud computing, managed services, cybersecurity and IT infrastructure. Founded in 2002, Xtranet Technologies generates revenue through fixed-price contracts, time-and-material engagements and recurring service agreements, with a significant portion of its business coming from government departments and public sector enterprises (PSUs). As of April 30, 2026, the company employed 504 permanent staff. While grey market premiums indicate strong unofficial demand, they are speculative and may change before listing, with investors advised to evaluate company fundamentals and risk factors before making investment decisions. Indo-MIM's financial performance has remained strong, with profit rising 26% year-on-year to ₹533.5 crore in fiscal 2026, while revenue increased 26% to ₹4,193 crore. Market expert Mohit Gulati from ITI Growth Opportunities Fund noted that the IPO market is showing signs of a real reopening, though this remains a more selective phase than a euphoric one, with investor appetite clearly there for well-priced, quality businesses with credible earnings visibility. Xtranet Technologies reported strong financial performance in FY26, with total income rising 32% year-on-year to ₹366.01 crore from ₹276.53 crore in FY25, while profit after tax increased 36% to ₹40.73 crore and EBITDA grew to ₹63.18 crore from ₹47.20 crore in the previous financial year. The company had an order book of ₹356.96 crore as of April 30, 2026, providing healthy revenue visibility.
