Indo-MIM sets July 23 IPO open; fresh issue trimmed to Rs 500 crore
Metal injection moulding maker Indo-MIM will open its mainboard IPO on July 23, per exchange records, with the fresh issue halved to Rs 500 crore from the Rs 1,000 crore in its SEBI draft prospectus.
The Development
Indo-MIM Limited, a Bengaluru-based precision-components manufacturer, is set to open its initial public offering on July 23, 2026, with the subscription window closing on July 27 and listing on the BSE and NSE scheduled for July 30, per the exchange calendar and reporting by The Economic Times. The mainboard offer is among four public issues opening in the same week. It follows the draft red herring prospectus the company filed with SEBI, dated September 26, 2025, which sits on the regulator's public-issues record.
At the current stage the company has trimmed the fresh-issue component to Rs 500 crore, half the up-to Rs 1,000 crore proposed in the DRHP, while the offer for sale by existing shareholders has been scaled back to about 6.82 crore equity shares from up to 12,96,74,393 shares in the draft.
The price band and lot size are fixed through the price-band advertisement that precedes the opening, and those figures were not yet on the official record at the time of writing.
The Company
Indo-MIM describes itself in the DRHP as a provider of end-to-end solutions for manufacturing precision-engineering components using metal injection moulding. The company discloses that it also uses investment casting, precision machining, ceramic injection moulding and metal 3D printing, and that its products serve the automotive, defence, medical, consumer and aerospace sectors. It states it has more than 25 years of experience in the MIM industry and, over the last three fiscals, supplied customers in more than 50 countries.
The business is heavily export-oriented. Per the DRHP, revenue from outside India represented 89.92%, 88.26% and 89.61% of total revenue from operations in Fiscals 2025, 2024 and 2023 respectively. The offer document cites a global MIM market estimated at USD 3.7 billion in 2024, forecast to grow at a compound annual rate of 8.5% to USD 5.6 billion by 2029.
On financials, the company discloses restated consolidated total income of Rs 3,373.97 crore in Fiscal 2025, up from Rs 2,900.38 crore in Fiscal 2024 and Rs 2,760.65 crore in Fiscal 2023. Restated profit for the year was Rs 423.73 crore in Fiscal 2025, against Rs 283.73 crore in Fiscal 2024 and Rs 462.69 crore in Fiscal 2023. Net worth stood at Rs 2,199.43 crore and return on net worth at 19.94% for Fiscal 2025, with total borrowings of Rs 1,247.20 crore, per the DRHP. The named promoters are Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar; Krishna Chivukula is the managing director.
The Offer Structure
The issue combines a fresh issue with an offer for sale. Per reporting at the RHP stage, the fresh issue is now Rs 500 crore and the offer for sale about 6.82 crore equity shares of face value Re 1 each. In the DRHP filed with SEBI the fresh issue was up to Rs 1,000 crore and the offer for sale up to 12,96,74,393 shares. The offer is made under Regulation 6(1) of the SEBI ICDR Regulations, with allocation reserved 50% for qualified institutional buyers, 35% for retail bidders and 15% for non-institutional bidders.
On the use of proceeds, the DRHP earmarked Rs 720 crore of the then Rs 1,000 crore fresh issue towards repayment or prepayment of borrowings, with the balance for general corporate purposes; because the fresh issue has since been halved, the object amounts are updated in the RHP. The book-running lead managers are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets, with MUFG Intime India as registrar.
The price band, lot size and minimum application amount are set in the price-band advertisement. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage sits on the Oquilia news desk.
Risk Factors
The DRHP lists customer concentration first: the company discloses that its top 10 customers contributed 38.94%, 41.53% and 41.07% of revenue from operations in Fiscals 2025, 2024 and 2023 respectively, and that losing such customers or a fall in their demand could adversely affect the business. It adds that it generally does business on a purchase-order basis without long-term commitments from customers.
Among the risk factors the company discloses are dependence on suppliers for primary raw materials such as metal powders and polymers, and reliance on imports for a significant portion of those materials, leaving it exposed to import restrictions and global commodity-price swings. The offer document also flags dependence on its manufacturing facilities, whose shutdown or slowdown could hit operations, and notes that its Indian plants are concentrated in south India.
The DRHP further identifies the company's heavy dependence on exports and on the geographies it supplies as a risk, given that close to 90% of revenue comes from outside India. It also discloses a compounding application filed before the Regional Director for past non-compliance with Section 149(3) of the Companies Act. These are the disclosures the company itself was required to make, not an assessment by this desk.
What Happens Next
The standard sequence runs from SEBI's observations on the draft document to the red herring prospectus, then the price-band advertisement that fixes the band, lot size and minimum application, followed by the anchor-investor allocation on the working day before the issue opens. The three-day subscription window is scheduled from July 23 to July 27, per the exchange calendar, during which exchange bid data reports category-wise demand.
After the close, the basis of allotment is finalised with the registrar, expected on July 28, with refunds and the unblocking of application amounts to follow for unsuccessful or partially successful bidders. Shares are then credited to demat accounts ahead of listing on the BSE and NSE, scheduled for July 30. The dates above are as announced and remain subject to the price-band advertisement.
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 RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges once filed. Read it directly before making any decision.
What is the issue structure?
Per reporting at the RHP stage, the offer combines a fresh issue of Rs 500 crore with an offer for sale of about 6.82 crore equity shares by existing shareholders. In the draft filed with SEBI the fresh issue was up to Rs 1,000 crore and the offer for sale up to 12,96,74,393 shares.
What do SEBI's observations mean?
SEBI's observations on a draft offer document are a clearance to proceed with the issue, not an approval of its merits or an endorsement. SEBI's own disclaimer makes clear that its observations do not certify the accuracy or completeness of the offer document.
When does the issue open and close?
Per the exchange calendar and market reporting, the issue is scheduled to open on July 23, 2026 and close on July 27, 2026, with the basis of allotment expected on July 28 and listing on the BSE and NSE on July 30. The price-band advertisement fixes the final terms.
Where can I read the DRHP?
Indo-MIM's draft red herring prospectus, dated September 26, 2025, is on SEBI's public-issues filings page. The red herring prospectus and the price-band advertisement are published on SEBI's website and on the BSE and NSE once filed.
This report is based on the draft red herring prospectus filed with SEBI. It was surfaced via coverage in The Economic Times.