Indo-MIM opens Rs 3,812 crore IPO at Rs 461-485 band
Indo-MIM Limited's Rs 3,812 crore IPO opened on 23 July at a Rs 461-485 price band, per the RHP filed with SEBI. The metal-injection-moulding maker was subscribed 1.14 times on Day 1 per NSE data.
The Development
Indo-MIM Limited, a Bengaluru-based precision engineering manufacturer, opened its initial public offering for subscription on Thursday, 23 July 2026, per the red herring prospectus (RHP) dated 17 July 2026 that was filed with the Registrar of Companies and is available on SEBI's website. The offer is a book-built issue of up to about Rs 3,812 crore at a price band of Rs 461 to Rs 485 per equity share of face value Rs 1, and it closes on Monday, 27 July 2026. It combines a fresh issue of up to Rs 500 crore with an offer for sale of up to 68,291,022 shares by existing holders. The equity shares are proposed to be listed on both the BSE and the NSE, with the NSE as the designated stock exchange, per the RHP.
On the first day of bidding, the issue was subscribed about 1.14 times, per NSE bid data. Demand was led by non-institutional investors, whose portion was booked around 3.03 times, while the retail portion was subscribed about 0.87 times and the qualified institutional buyer portion, excluding anchor, around 0.18 times, per the exchange data as of the close of Day 1. The company completed its anchor allocation on 22 July, the day before the offer opened. This development was surfaced via coverage in Mint.
The Company
Indo-MIM describes itself in the RHP as providing "end-to-end solutions for the manufacture of precision engineering components using metal injection molding", a process the company says it has worked in for over 25 years. The offer document states that Indo-MIM is the largest global manufacturer of MIM components, with a 6.8% share of worldwide MIM revenue in calendar year 2025, a position it has held for six years per an F&S report. Its product portfolio spans the automotive, defence, medical, consumer and aerospace sectors, and the RHP states the company made over 9,000 types of products in Fiscal 2026. It operates 15 manufacturing facilities, six in India, six in the United States, two in the United Kingdom and one in Mexico, and has supplied customers across 55 countries.
On financials, the company discloses restated revenue from operations of Rs 4,193 crore in Fiscal 2026, up from Rs 3,330 crore in Fiscal 2025 and Rs 2,870 crore in Fiscal 2024. Restated profit for the year was Rs 534 crore in Fiscal 2026, against Rs 424 crore and Rs 284 crore in the two preceding years, per the RHP. The offer document reports EBITDA of Rs 1,071 crore and an EBITDA margin of 25.54% for Fiscal 2026, net worth of Rs 2,820 crore, and total borrowings of Rs 1,090 crore. Return on net worth was 21.26% for the year, the company discloses. The promoters are Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar.
The Offer Structure
The offer combines a fresh issue of equity shares aggregating up to Rs 500 crore with an offer for sale of up to 68,291,022 shares, per the RHP. In the offer for sale, corporate promoter Green Meadows Investments Ltd is selling 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. The price band is set at Rs 461 to Rs 485 per share, with a lot size of 30 shares, so an application for one lot works out to Rs 14,550 at the upper end of the band. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the /news desk.
On the objects of the issue, the RHP states the company intends to use Rs 400 crore of the net fresh-issue proceeds towards "repayment/ prepayment, in full or part" of certain outstanding borrowings, with the balance for general corporate purposes, which it caps at 25% of gross proceeds. The book running lead managers are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets. MUFG Intime India Private Limited is the registrar to the offer.
Risk Factors
The RHP sets out its own risk-factors section, and the abridged prospectus lists the top ten internal risks the company discloses. Among them, the company states it derives a significant share of revenue from its top ten customers, who contributed 38.41%, 38.94% and 42.00% of revenue from operations in Fiscals 2026, 2025 and 2024, and warns that losing such customers could adversely affect its business. It also flags heavy export dependence: the RHP discloses that revenue from outside India was 77.20%, 89.92% and 88.26% of total operating revenue over the same three years.
The company further discloses that it does not have definitive purchase agreements with customers, who typically place orders on a purchase-order basis, and that it imports a large share of raw materials such as metal powders and polymers, at 60.95% of total raw-material purchases in Fiscal 2026. Among the governance-related risks the RHP lists, the company discloses that its promoters, directors and key managerial personnel received show-cause notices over the alleged non-appointment of a cost auditor, and that the name of Chairman and Managing Director Krishna Chivukula "appeared in the list of disqualified directors in the past". These are the company's own disclosures, not an assessment by this desk.
What Happens Next
The standard mechanics run from here. Anchor investors were allotted shares on 22 July, per the RHP timeline, ahead of the three-day book-building window that opened on 23 July and closes on 27 July. The UPI mandate cut-off is 5:00 p.m. on the closing date, per the RHP. After the window closes, the registrar, MUFG Intime India, finalises the basis of allotment, after which unblocking of application funds and crediting of shares to demat accounts follow, per the standard exchange process.
The equity shares are then listed on the BSE and the NSE, which have granted in-principle approvals dated 11 December 2025, per the RHP. The listing price on debut is an exchange fact that will be set against the issue price once trading begins. These steps are defined by the offer document and exchange notices, with dates as stated in the current record.
FAQ
What is the price band and lot size?
The price band is Rs 461 to Rs 485 per equity share of face value Rs 1, per the RHP, and the lot size is 30 shares. At the upper end of the band, one lot amounts to Rs 14,550.
When does the issue open and close?
The offer opened for subscription on Thursday, 23 July 2026 and closes on Monday, 27 July 2026, per the RHP. The anchor investor allocation took place on 22 July. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date.
What do the fresh-issue proceeds fund?
Per the RHP, the company proposes to use Rs 400 crore of the net fresh-issue proceeds towards repayment or prepayment of certain outstanding borrowings, with the remainder for general corporate purposes. The offer-for-sale proceeds flow to the selling shareholders, not the company.
Where can I read the RHP?
The red herring prospectus dated 17 July 2026 is available on SEBI's website and on the BSE and NSE websites. The complete risk-factors section begins on page 18 of the RHP.
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 - read it directly before making any decision.
This report is based on the red herring prospectus and abridged prospectus filed with SEBI and subscription data from the NSE. It was surfaced via coverage in Mint.