Strong Debut for Indo-MIM; Shares Jump Nearly 45%

New Delhi: Shares of precision engineering components maker Indo-MIM Ltd on Thursday made a remarkable stock market debut, listing with a premium of nearly 45 per cent, against the issue price of Rs 485.

The stock started trading at Rs 703, up 44.94 per cent from the issue price on the BSE. It further jumped 49.51 per cent to Rs 725.15.

At the NSE, the stock listed at Rs 700, registering a jump of 44.32 per cent.

The company’s market valuation stood at Rs 35,132.87 crore.

The initial public offer of Indo-MIM Ltd got subscribed 72.34 times on the final day of bidding on Monday.

The public issue was priced in the range of Rs 461-485 per share.

The Bengaluru-headquartered company’s IPO comprised a fresh issue of equity shares worth up to Rs 500 crore and an Offer for Sale (OFS) of around 6.83 crore equity shares by existing shareholders.

The company plans to utilise Rs 400 crore from the fresh issue proceeds towards pre-payment or repayment of certain outstanding borrowings, while the remaining amount will be used for general corporate purposes.

Incorporated in 1996, Indo-MIM manufactures precision engineering components using Metal Injection Molding (MIM) technology and provides end-to-end manufacturing solutions.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)