Indo-MIM IPO GMP at 39%: Issue subscribed over 11x so far on Day 3. Should you apply?

Indo-MIM's Rs 3,811.21-crore IPO was subscribed 11.22 times on Day 3, with NIIs leading at 32.44x, QIBs at 6.50x, and retail at 4.31x. Grey market premium stands at about Rs 190, implying a potential listing gain of nearly 39% over the upper price band of Rs 485 per share. The issue comprises a fresh issue of Rs 499.10 crore (Rs 400 crore earmarked for debt repayment) and an OFS of Rs 3,311.21 crore, with listing expected on July 30, 2026.