Indo-MIM, Xtranet or Lohia Corp: Which IPO stands out before bidding ends?

Three initial public offerings (IPOs) — Indo-MIM, Xtranet Technologies and Lohia Corp, are closing for subscription today, giving investors one last chance to place their bids.While all three companies operate in different sectors, the latest grey market premium (GMP) indicates that one issue is currently well ahead of the others in terms of expected listing gains.The latest GMP data suggests that Indo-MIM is the clear frontrunner, commanding a significantly higher premium than both Xtranet Technologies and Lohia Corp. Subscription trends also point to stronger investor interest in the company compared to the other two issues.WHAT DOES THE LATEST GMP INDICATE?The grey market premium is an unofficial indicator of investor sentiment before an IPO lists on the stock exchanges. Although GMP does not guarantee listing gains and can change until the listing day, it is closely watched by investors to gauge market demand for a public issue. Among the three IPOs closing today, Indo-MIM has the highest grey market premium. The issue is priced in the range of Rs 461 to Rs 485 per share and is currently commanding a GMP of Rs 190, indicating an estimated listing price of around Rs 675.This translates into an expected listing gain of nearly 39%. By the end of the second day of bidding, the IPO had been subscribed 3.08 times, with strong demand from non-institutional investors and healthy participation from retail investors. Xtranet Technologies is trading at a much lower GMP of Rs 9 against its upper issue price of Rs 127 per share. Based on current grey market trends, the IPO is expected to list around Rs 136, implying a listing gain of just over 7%.The issue had received an overall subscription of 1.96 times by the end of Day 2. Retail investors subscribed their portion 2.50 times, while the qualified institutional buyer (QIB) segment remained below the one-time mark.Lohia Corp is currently seeing the weakest demand among the three. The IPO, priced between Rs 404 and Rs 425 per share, is commanding a GMP of only Rs 7, indicating an estimated listing price of around Rs 432 and an expected gain of about 1.65%.The IPO had been subscribed only 0.59 times by the end of the second day, with weak interest from both institutional and non-institutional investors, although the retail portion was marginally oversubscribed.ABOUT THE THREE COMPANIESFounded in 1996, Indo-MIM manufactures precision engineering components using metal injection molding (MIM) technology. The company also offers advanced manufacturing solutions such as investment casting, precision machining, ceramic injection molding and 3D metal printing. Its products cater to industries including automotive, defence, medical, consumer goods and aerospace.Xtranet Technologies, incorporated in 2002, provides integrated IT solutions ranging from enterprise applications and digital transformation to managed services and proprietary technology platforms. The company serves clients across multiple industries through both onsite and offshore delivery models.Lohia Corp manufactures machinery used in the plastics processing industry and is known for producing equipment used in woven plastic fabric manufacturing. The company caters to customers in India as well as overseas markets.SHOULD INVESTORS APPLY BASED ONLY ON GMP?While the grey market premium provides an indication of market sentiment ahead of listing, it should not be the sole factor behind an investment decision.Investors should also evaluate the company's financial performance, business model, growth prospects and valuations before applying for an IPO.With subscription closing today, investors have only a few hours left to decide whether to bid for any of the three issues. Based on current grey market trends, Indo-MIM appears to be the strongest contender for listing gains, while Xtranet Technologies is showing moderate potential and Lohia Corp remains the least favoured among the three.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsPublished On: Jul 27, 2026 09:52 IST