Indo-MIM IPO Day 3: GMP signals 39% listing gain, issue subscribed over 3x. What are brokerages saying?

Indo-MIM's Rs 3,811.21-crore IPO was subscribed 3.07 times by the end of Day 2, with strong NII participation at 8.44x. Grey Market Premium stood at Rs 190, indicating an expected listing price of around Rs 675, about 39% above the upper price band of Rs 485. The company reported FY26 total income of Rs 4,320.70 crore (up 28.1%) and PAT of Rs 533.54 crore (up 25.9%), with Anand Rathi recommending a subscribe at 45x FY26 earnings, citing global market leadership in Metal Injection Moulding.