Indo-MIM sets Rs 461-485 band for Rs 3,812 crore IPO opening July 23
Indo-MIM Limited fixed a price band of Rs 461 to Rs 485 per share for its Rs 3,812 crore IPO, per the RHP dated July 17 2026. The mainboard issue opens on July 23 and closes July 27.
The Development
Indo-MIM Limited has fixed a price band of Rs 461 to Rs 485 per equity share for its initial public offering, an issue the company and the exchanges size at approximately Rs 3,812 crore at the upper end of the band. Per the red herring prospectus dated July 17, 2026 and filed with the Registrar of Companies, Karnataka at Bengaluru, anchor investor bidding takes place on Wednesday, July 22, 2026, with the offer opening on Thursday, July 23 and closing on Monday, July 27. The band and dates were first reported by The Economic Times.
The offer combines a fresh issue and an offer for sale, and the equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India. The company received in-principle approvals from BSE and NSE by letters each dated December 11, 2025, per the offer document, with NSE designated as the stock exchange for the offer. This is Indo-MIM's first public issue and the face value of each equity share is Rs 1.
At the current milestone the RHP sets the terms and the timetable; the anchor allocation and the three-day subscription window follow. The full red herring prospectus is available on SEBI's website.
The Company
Indo-MIM Limited, headquartered at the KIADB Industrial Area in Hoskote, Bangalore, provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding, or MIM, technology. The company discloses that, with over 25 years in the MIM industry, it is the largest manufacturer globally of precision engineering components using MIM technology, with a 6.8% share of global MIM revenue in Calendar Year 2025, a position it states it has held for six years, per the F&S report cited in the RHP.
Per the offer document, the product portfolio serves the automotive, defence, medical, consumer and aerospace sectors, and the company manufactured over 9,000 types of products in Fiscal 2026, supplying customers across 55 countries. It operates 15 manufacturing facilities: six in India, six in the United States, two in the United Kingdom and one in Mexico, the RHP states.
On financials, the company discloses restated consolidated revenue from operations of Rs 4,192.99 crore in the year ended March 31, 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, per the RHP, which reports a return on net worth of 21.26% for Fiscal 2026.
The Offer Structure
Per the RHP, the offer comprises a fresh issue of equity shares aggregating up to Rs 500 crore and an offer for sale of up to 68,291,022 equity shares by three selling shareholders. The corporate promoter, Green Meadows Investments Ltd, is offering up to 60,524,322 shares; the promoter-group shareholder Anuradha Koduri up to 5,459,000 shares; and the Indian Institute of Technology Madras, an other selling shareholder, up to 2,307,700 shares, the offer document states. In an offer for sale the proceeds go to the selling shareholders, not to the company.
The price band is set at Rs 461 to Rs 485 per share. Per the exchange data the lot size is 30 shares, so the minimum application at the upper end of the band works out to Rs 14,550, with larger applications in multiples of the lot. Readers working through allotment arithmetic can use Oquilia's lumpsum calculator or CAGR calculator; prior primary-market coverage sits on the Oquilia news desk.
On the objects of the fresh issue, the RHP states that up to Rs 400 crore of the net proceeds is earmarked for repayment or prepayment, in full or part, of certain outstanding borrowings, with the balance for general corporate purposes. 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 Private Limited.
Risk Factors
The RHP sets out its top internal risk factors, which the company was required to disclose. Among them, the company discloses that its top 10 customers contributed 38.41% of revenue from operations in Fiscal 2026, and that it does not have definitive long-term purchase agreements, doing business largely on a purchase-order basis.
The RHP flags a heavy dependence on exports: revenue from outside India was 77.20% of operations in Fiscal 2026. Among the further risks the company discloses are a dependence on imported raw materials such as metal powders and polymers, which made up 60.95% of raw-material purchases in Fiscal 2026, and a concentration of Indian manufacturing in south India.
On governance, the RHP lists that a portion of the net proceeds will repay a loan from HDFC Bank, which is also a book-running lead manager, and affiliates of certain other lead managers. The company also discloses that its promoters, directors and key personnel received show-cause notices over a cost-audit compliance matter, and that the name of Chairman Krishna Chivukula appeared on a list of disqualified directors in the past.
What Happens Next
From the current milestone the standard mechanics run as follows: the price band advertisement precedes anchor investor bidding on July 22, 2026, after which the offer opens to the public on July 23 and closes on July 27. Bids are placed category-wise across qualified institutional buyers, non-institutional bidders and retail individual bidders, with applications made through the ASBA and UPI mandate route, per the offer document.
Following the close, the basis of allotment is finalised and the registrar processes allotments and the refund or unblocking of application amounts. Exchange subscription figures are published category-wise as of stated times during the window. The timetable points to allotment on July 28 and listing on the BSE and NSE on July 30, 2026, subject to the exchange notices that confirm each step. These are process steps, not a forecast of demand or price.
FAQ
What is the price band and lot size?
Per the RHP and exchange data, the price band is Rs 461 to Rs 485 per equity share of face value Rs 1. The lot size is 30 shares, so a single lot at the upper end of the band amounts to Rs 14,550, with larger applications in multiples of the lot.
When does the issue open and close?
Per the offer document, anchor bidding is on July 22, 2026, and the offer opens on July 23 and closes on July 27. The timetable indicates allotment on July 28 and listing on the BSE and NSE on July 30, 2026.
How large is the issue and who is selling?
The offer combines a fresh issue of up to Rs 500 crore with an offer for sale of up to 68,291,022 shares, sized at about Rs 3,812 crore at the upper band. The selling shareholders are Green Meadows Investments Ltd, Anuradha Koduri and IIT Madras, per the RHP.
Where can I read the RHP?
The red herring prospectus dated July 17, 2026 is on SEBI's website, the NSE and BSE portals and the company's website. Its risk-factors section begins on page 18.
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 and the accompanying abridged prospectus dated July 17, 2026. It was surfaced via coverage in The Economic Times.