Indo-MIM sets Rs 461-485 band for Rs 3,812 crore IPO
Metal injection moulding maker Indo-MIM has set a price band of Rs 461-485 for its Rs 3,812 crore IPO, which opens on 23 July and closes on 27 July, per the RHP filed with SEBI.
The Development
Indo-MIM Limited has fixed a price band of Rs 461 to Rs 485 per share for its initial public offering, which is scheduled to open for subscription on Thursday, 23 July 2026 and close on Monday, 27 July 2026, with the anchor-investor allocation on Wednesday, 22 July 2026. The bid dates are stated in the company's red herring prospectus (RHP) dated 17 July 2026, filed with the Registrar of Companies and available on SEBI's website. The price-band announcement was reported by The Economic Times.
At the upper end of the band the offer is sized at about Rs 3,812 crore, combining a fresh issue of equity shares and an offer for sale by existing shareholders. The RHP states the fresh issue aggregates up to Rs 500 crore, while the offer for sale covers up to 68,291,022 equity shares of face value Re 1 each. The shares are proposed to list on both the BSE and the NSE, with the NSE as the designated stock exchange.
The filing places Indo-MIM at the price-band stage of the primary-market pipeline: SEBI has processed the offer document, the terms are now public, and the three-day bidding window follows.
The Company
Per the RHP, Indo-MIM provides end-to-end solutions for manufacturing precision engineering components using metal injection moulding (MIM) technology, spanning mould design, tooling, finishing and assembly. The company describes itself as the largest manufacturer globally of precision engineering components using MIM technology, citing a 6.8% share of global MIM revenue in calendar year 2025 and more than 25 years in the industry, per the F&S report cited in the RHP. It manufactured over 9,000 product types in Fiscal 2026 and operates 15 manufacturing facilities, six in India, six in the United States, two in the United Kingdom and one in Mexico.
Its products serve the automotive, defence, medical, consumer and aerospace sectors. The company discloses 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. 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 RHP reports EBITDA of Rs 1,070.92 crore and a return on net worth of 21.26% for Fiscal 2026, with net worth of Rs 2,819.55 crore. 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 up to Rs 500 crore with an offer for sale of up to 68,291,022 equity shares, per the RHP. The selling shareholders are 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). Because offer-for-sale proceeds go to the selling shareholders, only the fresh-issue portion flows to the company.
On the objects of the offer, the RHP states that Rs 400 crore of the net fresh-issue proceeds is earmarked for the repayment or pre-payment, in full or part, of certain borrowings, with the balance for general corporate purposes, capped at 25% of gross proceeds. The face value is Re 1 per share, and the lot size and minimum application amount are specified in the exchange price-band advertisement. The book-running lead managers are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets; the registrar is MUFG Intime India, formerly Link Intime India. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the Oquilia news desk.
Risk Factors
The RHP's risk-factors section lists several material risks that the company is required to disclose. Among them, the RHP notes that imported raw materials constituted 60.95% of total raw-material purchases in Fiscal 2026, and states that import restrictions or global commodity-price fluctuations could adversely affect the business. The company also discloses that its operations depend significantly on its manufacturing facilities, so any shutdown or slowdown at them could hurt results.
The RHP further flags that Indo-MIM's Indian manufacturing facilities are concentrated in south India, exposing it to region-specific disruptions. It also discloses that part of the net proceeds will repay a loan from HDFC Bank, which is one of the book-running lead managers, alongside affiliates of certain lead managers. Among the governance-related disclosures, the company states that its promoters, directors and key managerial personnel have received show-cause notices over the alleged non-compliance with the mandatory appointment of a cost auditor, and that the name of its chairman and managing director, Krishna Chivukula, has appeared in the past in a list of disqualified directors. These are the company's own disclosures, not an assessment by this desk.
What Happens Next
With the price band and dates now public, the anchor-investor book is scheduled for Wednesday, 22 July 2026, ahead of the main bidding window that opens on Thursday, 23 July 2026 and closes on Monday, 27 July 2026. During those three days the exchanges will publish category-wise bid data for qualified institutional buyers, non-institutional bidders, retail individual bidders and eligible employees, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing day, per the RHP.
After the close, the basis of allotment is finalised with the registrar, MUFG Intime India, followed by refunds or the unblocking of application funds and the credit of shares to demat accounts, before the shares list on the BSE and the NSE. The RHP does not state a listing date, which the exchanges confirm through a listing circular once allotment is complete. Each of these is a procedural step and not a signal of demand or price.
FAQ
What is the price band and issue size?
The price band is Rs 461 to Rs 485 per equity share of face value Re 1, as announced ahead of the issue. At the upper end, the total offer is sized at about Rs 3,812 crore, comprising a fresh issue of up to Rs 500 crore and an offer for sale of up to 68,291,022 shares, per the RHP filed with SEBI.
When does the issue open and close?
Per the RHP, the anchor-investor allocation is on Wednesday, 22 July 2026. The offer opens for public subscription on Thursday, 23 July 2026 and closes on Monday, 27 July 2026, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing date.
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, as well as the company's own site. It contains the complete risk-factors section, restated financials and full offer terms.
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 filed with SEBI by Indo-MIM Limited and the price-band announcement reported by The Economic Times.