3 Ongoing IPOs Compared: Which IPO Looks Strongest After Day 1?
India’s primary market remained active with three mainboard ongoing IPOs—Indo-MIM, Lohia Corp, and Xtranet Technologies—opening for subscription on the same day. While all three companies operate in different industries, investors are evaluating them on several parameters beyond just Grey Market Premium (GMP).
In this comparison, we analyze each ongoing IPOs using publicly available information including business fundamentals, financial performance, issue structure, Day 1 subscription, GMP and overall market sentiment.
Disclaimer: The rankings below are based on publicly available information and current market indicators. They are not investment recommendations or guarantees of listing performance.
Quick Comparison Of Ongoing IPOs
| Parameter | Indo-MIM | Xtranet Technologies | Lohia Corp |
|---|---|---|---|
| Sector | Precision Engineering | IT & Digital Solutions | Industrial Machinery |
| Issue Size | ₹3,811 Cr | ₹166.8 Cr | ₹1,101 Cr |
| Fresh Issue | ₹500 Cr + OFS | 100% Fresh Issue | 100% OFS |
| Day 1 Subscription | Strong | Healthy | Moderate |
| GMP | Highest | Positive | Moderate |
| Growth Capital | Yes | Yes | No |
Source: NDTV Profit & The Economic Times
1. Indo-MIM IPO – The Front Runner
Business
Indo-MIM is one of India’s leading manufacturers of Metal Injection Moulded (MIM) precision components. Its products are used across aerospace, medical devices, automotive, industrial engineering and consumer sectors.
The company has built a diversified global customer base and operates in a niche manufacturing segment with relatively high entry barriers.
Financial Position
Indo-MIM has reported consistent revenue growth while maintaining healthy profitability. Investors also appreciate its exposure to export markets and specialized manufacturing capabilities.
IPO Structure
Unlike a pure Offer for Sale, the IPO includes a ₹500 crore fresh issue alongside an OFS, meaning a portion of the proceeds will support future business growth.
Detailed Analysis of the IPO here
Day 1 Sentiment
Among the three ongoing IPOs, Indo-MIM attracted the strongest investor attention on Day 1. It also commanded the highest grey market premium, reflecting positive sentiment in the unofficial market. Early demand was led by non-institutional investors (NIIs).
Strengths
- Global manufacturing footprint
- Strong niche positioning
- Fresh capital for expansion
- Highest GMP among the three
- Healthy Day 1 demand
Risks
- Large OFS component
- Export-oriented business may be exposed to global demand cycles
Score
91/100
2. Xtranet Technologies IPO – Strong Challenger
Business
Xtranet Technologies provides enterprise IT solutions, digital transformation services, cloud offerings and managed technology services to government, PSU and private-sector clients.
The technology sector continues to benefit from increasing digital adoption across enterprises.
Financial Position
The company has demonstrated growth in its business operations and is seeking capital to expand operations, strengthen working capital and invest in technology infrastructure.
IPO Structure
One of the positives is that the IPO is entirely a fresh issue, meaning the proceeds are intended for the company’s growth initiatives rather than providing an exit to existing shareholders.
Day 1 Sentiment
Day 1 subscription was healthy, with retail participation driving demand. The grey market premium suggested a positive listing outlook, although it remained well below Indo-MIM’s GMP.
Strengths
- Entirely fresh issue
- IT services sector
- Growth-oriented business
- Healthy retail participation
Risks
- Smaller scale compared with Indo-MIM
- Competitive technology services industry
Score
83/100
3. Lohia Corp IPO – Stable Business, Moderate Market Excitement
Business
Lohia Corp is a globally recognized manufacturer of machinery used in technical textiles and woven plastic packaging. The company exports to more than 90 countries and has an established presence in industrial machinery.
Financial Position
The company has an established operating history and benefits from its leadership in a specialized industrial segment.
IPO Structure
One aspect investors are closely watching is that the IPO is entirely an Offer for Sale (OFS). As a result, the company will not receive any fresh capital from the issue for expansion or debt reduction.
Day 1 Sentiment
Although Lohia Corp entered the market with a positive GMP, investor enthusiasm remained comparatively lower than Indo-MIM. Day 1 sentiment appeared measured as investors weighed the OFS-only structure.
Strengths
- Established industrial business
- Global customer base
- Experienced management
Risks
- 100% OFS
- Lower GMP than Indo-MIM
- More moderate market sentiment
Score
79/100
Side-by-Side Comparison of the Ongoing IPOs
| Parameter | Indo-MIM | Xtranet | Lohia |
|---|---|---|---|
| Business Quality | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
| Financial Strength | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
| Growth Capital | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐ |
| Day 1 Demand | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐ |
| GMP Strength | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐ |
| Overall Market Sentiment | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐ |
Final Ranking of the Ongoing IPOs
🥇 1. Indo-MIM IPO
Indo-MIM currently ranks first because of its strong niche business, healthy financial profile, fresh capital component, robust Day 1 demand and the highest GMP among the three IPOs. Based on the available indicators, it has emerged as the strongest contender after Day 1.
🥈 2. Xtranet Technologies IPO
Xtranet Technologies takes the second position. Its fully fresh issue, technology-focused business and encouraging retail participation provide a positive backdrop, although its GMP and overall market enthusiasm remain below Indo-MIM’s.
🥉 3. Lohia Corp IPO
Lohia Corp remains backed by an established industrial business with a global footprint, but its 100% OFS structure and comparatively moderate GMP place it third in the current comparison.
Conclusion
After the first day of bidding of ongoing IPOs, Indo-MIM appears to have built the strongest momentum across multiple publicly available indicators, including investor demand and grey market sentiment. Xtranet Technologies has shown encouraging traction, particularly among retail investors, while Lohia Corp offers exposure to an established industrial business but has generated comparatively more measured enthusiasm.
As the subscription window continues, institutional participation, overall subscription levels and changes in GMP may influence market sentiment. Investors should consider official filings, company fundamentals and their own financial objectives before making any investment decisions.
FAQs
Which ongoing IPO has the highest GMP?
Among the three ongoing IPOs, Indo-MIM currently has the highest grey market premium based on publicly reported market data.
Which ongoing IPOs received the strongest Day 1 response?
Indo-MIM led the group in early subscription momentum and market sentiment on Day 1.
Is GMP a reliable indicator of listing gains?
No. GMP is an unofficial market indicator and can change significantly before listing. It should not be considered a guarantee of listing performance.
Which ongoing IPO is a 100% Offer for Sale?
Lohia Corp’s IPO consists entirely of an Offer for Sale (OFS), whereas Indo-MIM and Xtranet Technologies include fresh issue components.
