Synopsis : Four public issues worth over ₹10,000 crore are set to open over the next two days, including Cube Highways Trust InvIT, Lohia Corp, Indo-MIM and Xtranet Technologies. While GMPs remain mixed, Indo-MIM is currently attracting the strongest grey market interest.
India's primary market is witnessing another busy phase as four public issues worth more than ₹10,000 crore are scheduled to open for subscription over the next two days.
The line-up includes an infrastructure investment trust (InvIT), a global machinery manufacturer, a precision engineering company and a technology firm, offering investors opportunities across multiple sectors.
Following the successful listing of SBI Funds Management, which debuted at a premium after strong subscription, attention has now shifted to the next batch of IPOs.
Here's a closer look at each issue and what the latest Grey Market Premium (GMP) suggests.
Cube Highways Trust InvIT opens the IPO week
The first issue to hit the market is Cube Highways Trust InvIT, which opens for subscription on July 22.
Key details:
- Issue Size: ₹5,000 crore
- Issue Type: Entirely Offer for Sale (OFS)
- Price Band: ₹151–152 per unit
The basis of allotment is expected on July 27, while listing is scheduled for July 29.
GMP update
The latest Grey Market Premium (GMP) remains nil, indicating that the unofficial market is currently not pricing in any listing premium.
Investor response after the issue opens will therefore be closely watched.
Lohia Corp IPO: Manufacturing player enters the market
Lohia Corp will open its IPO on July 23.
The company manufactures machinery used in producing polypropylene (PP) and high-density polyethylene (HDPE) woven fabrics and industrial packaging products.
Key details:
- Issue Size: ₹1,101.28 crore
- Issue Type: Entire Offer for Sale
- Price Band: ₹404–425 per share
GMP update
According to the latest grey market data:
- Current GMP: ₹56
- Estimated Listing Price: Around ₹481
- Estimated Premium: Approximately 13%
The grey market indicates healthy investor interest ahead of the subscription opening.
Indo-MIM IPO emerges as the biggest attraction
Among all upcoming issues, Indo-MIM is generating the strongest attention in the grey market.
The company plans to raise ₹3,811.21 crore, comprising:
- Fresh Issue: ₹499.10 crore
- Offer for Sale: ₹3,311.21 crore
Key details:
- Subscription Dates: July 23–27
- Price Band: ₹461–485 per share
GMP update
The latest grey market premium stands at:
- Current GMP: ₹202
- Estimated Listing Price: Around ₹687
- Estimated Premium: More than 41%
Although GMP remains unofficial and changes daily, Indo-MIM currently appears to be attracting the strongest pre-listing interest among this week's offerings.
Xtranet Technologies IPO also draws attention
The fourth public issue this week is Xtranet Technologies.
While considerably smaller than the other offerings, the issue has also generated positive sentiment in the unofficial market.
Key details:
- Issue Size: ₹166.80 crore
- Issue Type: Fresh Issue
- Price Band: ₹120–127 per share
- Subscription Dates: July 23–27
- Expected Listing: July 30
GMP update
Current grey market estimates indicate:
- Current GMP: ₹26
- Estimated Listing Price: Around ₹153
- Estimated Premium: Approximately 20%
Despite its relatively small size, investor sentiment remains constructive.
Should investors depend only on GMP?
Grey Market Premium is often viewed as an early indicator of market sentiment before an IPO opens.
However, it remains:
- Unofficial
- Highly speculative
- Subject to frequent changes
Actual listing performance depends on several factors, including:
- Subscription demand
- Institutional participation
- Overall market sentiment
- Listing-day conditions
Therefore, investors should evaluate company fundamentals and official offer documents rather than relying solely on GMP.
Conclusion
With more than ₹10,000 crore worth of IPOs opening within just two days, activity in the primary market is gathering momentum once again.
Among the upcoming issues:
- Indo-MIM currently enjoys the strongest grey market premium.
- Lohia Corp also shows encouraging unofficial demand.
- Xtranet Technologies carries a healthy premium despite its smaller issue size.
- Cube Highways Trust InvIT currently trades without any grey market premium.
While GMP offers an indication of market sentiment, investors should assess business fundamentals, valuations, growth prospects and risk factors before making investment decisions.
Disclaimer : The IPO details, price bands and Grey Market Premium (GMP) figures mentioned in this article are provided solely for informational and educational purposes. GMP is an unofficial market indicator, is highly speculative and should not be considered a guarantee of listing gains or future stock performance. Investors should carefully review the respective offer documents and consult a SEBI-registered financial advisor before making any investment decisions.
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