Indo-MIM IPO Subscription Status Day 2: NII Surges to 4.08x, Overall Book Crosses 1.51x

Indo-MIM continued its strong run into the second day of bidding, with the issue subscribed 1.51 times overall on July 24, according to the latest bidding data. The non-institutional investor (NII) segment led the demand by a wide margin at 4.08 times, followed by the employee category at 1.87 times.

The retail portion crossed full subscription at 1.12 times, while the qualified institutional buyer (QIB) category picked up pace from Day 1 to reach 0.25 times, according to the latest bidding data.

Book Running Lead Managers

HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets are the book-running lead managers to the Indo-MIM IPO, while MUFG Intime India Private Ltd is serving as the registrar to the issue.

Conclusion

With one bidding day remaining before the Indo-MIM IPO closes on July 27, NII demand has driven the bulk of the momentum, while QIB interest still the slowest-moving category will be watched closely heading into the final day. The basis of allotment is tentatively expected on July 28, ahead of a proposed listing on BSE and NSE on July 30.

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