Lohia Corp IPO Day 3: Issue booked 59% so far. GMP hints 1.65% listing gain. Should you apply or avoid?

Lohia Corp IPO was subscribed 59 percent on Day 3 of bidding, with a grey market premium of about ₹7 hinting at an estimated listing gain of around 1.65 percent over the upper price band of ₹425. The company had earlier raised ₹492 crore from anchor investors, and brokerages including Swastika Investmart, Kantilal Chhaganlal Securities, and Beacon Capital Advisors have recommended subscribing to the issue for the long term, citing market leadership, ROE of 36.8 percent, ROCE of 40.9 percent, and over 80 percent domestic market share in the raffia machinery segment. The IPO is entirely an Offer for Sale with a price band of ₹404 to ₹425, allotment on 28 July, and listing scheduled for 30 July.