INDO-MIM IPO: dates, price band and the numbers

INDO-MIM Limited opened its initial public offering on 23 July 2026 at a price band of Rs 461 to 485 per equity share. The Rs 3,811.21 crore mainboard issue combines a fresh issue of Rs 499.10 crore with an offer for sale of Rs 3,312.11 crore. Bidding runs through 27 July 2026, with listing planned on both the National Stock Exchange and the Bombay Stock Exchange.

What INDO-MIM Limited does

Incorporated in 1997, INDO-MIM Limited is a global manufacturer of precision engineered components. The business specializes in metal injection molding (MIM) technology, providing end-to-end manufacturing solutions that include mold design, tooling, molding, debinding, sintering, finishing and final component assembly.

In addition to metal injection molding, the company has expanded its engineering suite to cover ceramic injection molding (CIM), investment casting, precision machining and metal 3D printing. Its component portfolio serves diverse end markets across automotive, aerospace, defense, medical devices, consumer products and industrial applications.

INDO-MIM operates 15 manufacturing facilities located across India, the United States, the United Kingdom and Mexico. The company maintains an extensive international sales and distribution network, shipping precision parts to major original equipment manufacturers in more than 50 countries worldwide.

The issue structure and objects

The total offer size of Rs 3,811.21 crore comprises 7,86,00,300 equity shares of face value Rs 2 each. The issue is split into two components: a fresh issue of Rs 499.10 crore (1,02,90,721 shares) and an offer for sale of Rs 3,312.11 crore (6,83,09,579 shares) by existing promoter entities and individual selling shareholders.

Net proceeds from the fresh issue are earmarked for specific capital deployment objectives outlined in the red herring prospectus:

• Repayment or prepayment of outstanding debt incurred by the company (Rs 400.00 crore).
• Funding general corporate purposes and issue expenses (Rs 99.10 crore).

Because the offer for sale portion proceeds flow directly to the selling shareholders, INDO-MIM Limited will receive no funds from that share of the issue. The lead managers for the transaction are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets. MUFG Intime India Private Limited serves as the registrar.

Anchor book and subscription response

Ahead of the public issue open, INDO-MIM Limited finalized its anchor investor allotment on 22 July 2026. The company allocated 2,35,25,656 equity shares to 92 institutional investors at the upper price band of Rs 485 per share, raising approximately Rs 1,141.00 crore.

Domestic mutual funds secured roughly 56 percent of the anchor allocation across 23 fund management houses, including ICICI Prudential Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund and UTI Mutual Fund. Life insurance companies took up near 10 percent of the book, while foreign portfolio investors such as Government Pension Fund Global, Goldman Sachs India Equity Portfolio and BlackRock Global Funds acquired the balance.

As of Day 2 of the bidding window on 24 July 2026, the overall issue was subscribed 3.07 times across categories. The Qualified Institutional Buyers (QIB) segment recorded 1.11 times subscription, Non-Institutional Investors (NII) subscribed 8.44 times (with small NII at 8.80 times and big NII at 8.26 times), and the Retail Individual Investors category stood at 1.89 times.

Financial performance and key metrics

The financial statements included in the red herring prospectus show consistent revenue and profit growth across the last three fiscal years ended 31 March 2026. Figures are reported in Rs crore.

Total revenue grew from Rs 2,900.38 crore in FY24 to Rs 4,320.70 crore in FY26, representing a compound growth pattern driven by expanding component volume across automotive and medical lines. Profit after tax rose from Rs 283.73 crore to Rs 533.54 crore over the same period, delivering a profit margin of 13 percent in FY26.

At the upper price band of Rs 485 per share, the company commands a post-issue market capitalization of Rs 23,981.42 crore. The post-IPO price-to-earnings (P/E) multiple stands at 44.95 times based on post-issue earnings per share of Rs 10.79. Return on equity stands at 21 percent and return on capital employed is 27 percent, supported by a debt-to-equity ratio of 0.39.

Key strengths

• Long operating track record: More than two decades of specialized operational experience in metal injection molding and precision component engineering.
• Integrated manufacturing footprint: Fully integrated in-house capabilities covering design, tooling, material formulation, molding, heat treatment and secondary machining.
• Diversified sector presence: Revenue spread across automotive, aerospace, defense, medical devices and industrial applications, mitigating exposure to single-sector slowdowns.
• Global export reach: Active supply contracts with international original equipment manufacturers in over 50 countries, supported by 15 manufacturing units across four nations.
• Broad technology portfolio: Combined expertise in MIM, CIM, investment casting, precision machining and 3D printing enabling high customization across product lines.

Key risk factors

• Customer concentration: A significant portion of revenue is generated from a limited set of key global clients, making earnings sensitive to order cutbacks by top buyers.
• Foreign currency exposure: Substantial international operations create exposure to exchange rate fluctuations and foreign trade regulatory shifts.
• Facility concentration: Production remains centered across key manufacturing facilities, leaving operations vulnerable to regional disruptions or plant downtimes.
• Raw material price volatility: Reliance on specialty metal powders and imported alloys exposes operating margins to global commodity price swings.
• Client pricing pressure: Pricing adjustments negotiated by large volume OEM clients may compress operating margins over long-term contracts.

Grey market premium

In unofficial grey market trading, INDO-MIM Limited equity shares commanded a premium of Rs 173 per share as of 25 July 2026. Against the upper price band of Rs 485, this indicates an unofficial grey market sentiment level. Grey market premium figures represent informal, unregulated over-the-counter quotes and should not be considered a reliable indicator of actual exchange listing performance.

How to apply for the IPO

1. Access the IPO section of your preferred brokerage application or bank ASBA internet portal between 23 July and 27 July 2026.
2. Locate INDO-MIM Limited IPO and select your bid quantity in multiples of 30 shares (minimum one lot of 30 shares for Rs 14,550 at the upper price band of Rs 485).
3. Enter your valid UPI ID (such as Google Pay, PhonePe, or BHIM) and submit your application bid.
4. Open your UPI application to view the mandate request from the sponsor bank and approve the funds block prior to 5:00 PM on 27 July 2026.
5. The application funds remain blocked in your bank account until the allotment process is finalized on 28 July 2026. Unallotted applicants will see funds unblocked starting 29 July 2026.

This article is for information only and is not investment advice. It does not tell you whether to apply for the issue. Grey market rates quoted here represent unofficial and unregulated news and do not predict the listing price. All IPO investments carry market risk. Readers should consult the red herring prospectus and make an independent evaluation before submitting a bid.