Indo-MIM lists at Rs 700 on NSE against Rs 485 IPO issue price
Indo-MIM Limited listed on the NSE and BSE on 30 July 2026 at Rs 700 against its Rs 485 issue price, a 44.32% premium, after the metal injection moulding maker's offer was subscribed 72.34 times.
The Development
Indo-MIM Limited made its stock market debut on Thursday, 30 July 2026, listing on both the National Stock Exchange (NSE) and BSE. Per exchange data, the shares opened at Rs 700 against an offer price of Rs 485, a premium of 44.32%. At the debut price the company carried a market capitalisation of about Rs 35,132.87 crore. The listing followed a three-day subscription window that closed on Monday, 27 July 2026, during which the offer was subscribed 72.34 times in aggregate, per exchange figures reported at close.
The listing is the final milestone in an offer governed by the company's red herring prospectus (RHP) dated 17 July 2026, filed with SEBI and the Registrar of Companies. The offer combined a fresh issue of equity shares aggregating to Rs 500 crore with an offer for sale of up to 68,291,022 shares, and was priced at Rs 485 per share. The debut was reported by Mint. Company and offer detail below is drawn from the RHP; listing and subscription figures are from the exchange record.
The Company
Per the RHP, Indo-MIM provides end-to-end solutions for manufacturing precision engineering components using metal injection moulding (MIM) technology, covering mould design and tooling through to finishing and assembly. The offer document describes the company as the largest manufacturer globally of precision components using MIM, citing a 6.8% share of MIM revenue in calendar year 2025 (Source: F&S Report, as reproduced in the RHP). Its portfolio serves the automotive, defence, medical, consumer and aerospace sectors, and the company discloses making over 9,000 types of products in Fiscal 2026 across 15 manufacturing facilities, six in India, six in the United States, two in the United Kingdom and one in Mexico, supplying customers in 55 countries.
On financials, the RHP discloses restated consolidated revenue from operations of Rs 4,192.99 crore in Fiscal 2026, up from Rs 3,329.58 crore in Fiscal 2025 and Rs 2,870.40 crore in Fiscal 2024, a Fiscal 2026 growth of 25.93%. Restated profit for the year was Rs 533.54 crore in Fiscal 2026, against Rs 423.73 crore and Rs 283.73 crore in the two preceding years. The company also discloses net worth of Rs 2,819.55 crore and a return on net worth of 21.26% for Fiscal 2026. The promoters are Green Meadows Investments Ltd, Krishna Chivukula (Chairman and Managing Director), Krishna Chivukula Jr. (Whole-time Director and CEO), Raj Chivukula and Jagadamba Chandrasekhar.
The Offer Structure
Per the RHP, the offer comprised a fresh issue of equity shares aggregating up to Rs 500 crore and an offer for sale of up to 68,291,022 shares of face value Rs 1 each. The selling shareholders named in the offer for sale were the corporate promoter Green Meadows Investments Ltd (up to 60,524,322 shares), promoter group member Anuradha Koduri (up to 5,459,000 shares) and the Indian Institute of Technology Madras (up to 2,307,700 shares). Priced at Rs 485 per share, the offer aggregated to roughly Rs 3,812 crore. Applications were made through the book-building process, with bids routed via the UPI mechanism for retail applicants. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator and CAGR calculator; prior coverage is on the /news desk.
On the use of proceeds, the RHP states the net proceeds of the fresh issue are earmarked for the repayment or prepayment of certain borrowings (Rs 400 crore) and for general corporate purposes. The book-running lead managers were HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets, with MUFG Intime India Private Limited (formerly Link Intime India) as registrar. Per the RHP timetable, the anchor allocation took place on 22 July 2026, with the offer open from 23 to 27 July 2026.
Risk Factors
The RHP sets out the risks the company was required to disclose. Among them, the offer document lists customer concentration, disclosing that its top 10 customers contributed 38.41% of revenue from operations in Fiscal 2026, and a dependence on exports, with revenue from outside India at 77.20% of operations in Fiscal 2026.
Among the further risk factors the company discloses, it does not have long-term purchase commitments from customers, transacting on a purchase-order basis, and it imports a significant share of raw materials such as metal powders and polymers (60.95% of raw-material purchases in Fiscal 2026). The RHP also flags that its Indian manufacturing is concentrated in south India, that a portion of the net proceeds will repay a loan from HDFC Bank, which is one of the lead managers, and that its promoters, directors and key personnel have received show cause notices relating to the appointment of a cost auditor. It further discloses that the name of Krishna Chivukula had appeared in a list of disqualified directors in the past. These are the company's own disclosures, not an assessment by this desk.
What Happens Next
With listing complete, the primary-market phase of the offer has concluded: the basis of allotment was finalised ahead of listing, application money was unblocked for unsuccessful and partially successful applicants, and allotted shares were credited before Thursday's debut. The shares now trade in the secondary market on the NSE, the designated stock exchange for the offer, and on the BSE.
From here the company reports as a listed entity, with quarterly results, shareholding disclosures and other filings under the exchanges' listing obligations. Pre-issue share capital, anchor allocations and promoter holdings remain subject to the lock-in periods prescribed under the SEBI ICDR Regulations. The RHP remains available on the websites of SEBI and the exchanges for readers consulting the primary record.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The subscription window for this offer has, in any case, already closed and the shares have listed. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges, and can be read directly before any decision.
What was the issue price and the listing price?
The offer was priced at Rs 485 per share, per the offer record. Per exchange data, the shares listed at Rs 700 on 30 July 2026, a premium of 44.32% over the issue price, valuing the company at about Rs 35,132.87 crore at the debut price.
What were the objects of the fresh issue?
Per the RHP, the net proceeds of the Rs 500 crore fresh issue are earmarked for the repayment or prepayment of certain borrowings (Rs 400 crore) and for general corporate purposes. The offer-for-sale proceeds go to the selling shareholders, not to the company.
How was the offer subscribed?
Per exchange figures reported at the close of the subscription window on 27 July 2026, the offer was subscribed 72.34 times in aggregate. Category-wise subscription detail is available in the exchange record.
Where can I read the RHP?
The red herring prospectus dated 17 July 2026 is available on the SEBI website under Filings, Public Issues, and on the NSE and BSE websites.
This report is based on the red herring prospectus filed with SEBI by Indo-MIM Limited and on exchange listing and subscription data. The debut was surfaced via coverage in Mint.