Indo-MIM files RHP, sets 23 July open with Rs 500 crore fresh issue

The Development

Indo-MIM Limited, a Bengaluru-based manufacturer of precision engineering components, filed its red herring prospectus with SEBI on 17 July 2026, lodged with the Registrar of Companies, Karnataka at Bengaluru. Per the RHP, the initial public offering combines a fresh issue of equity shares aggregating up to Rs 500 crore (Rs 5,000.00 million) with an offer for sale of up to 6,82,91,022 equity shares of face value Rs 1 each by existing shareholders. The offer opens for subscription on Thursday, 23 July 2026 and closes on Monday, 27 July 2026, with the anchor investor bidding period on Wednesday, 22 July 2026, the document states.

The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange, with the NSE as the designated stock exchange; the company received in-principle approvals from both exchanges by letters dated 11 December 2025, per the RHP. This being the company's first public issue of equity shares, the offer price will be discovered through the book-building process and published in a price band advertisement on the exchanges ahead of the opening. The development was surfaced via coverage on Mint's IPO desk.

The Company

Indo-MIM provides end-to-end solutions for the manufacture of precision engineering components using metal injection moulding (MIM) technology, the RHP states. The company discloses that, with over 25 years in the industry, it is the largest manufacturer globally of precision engineering components using MIM technology, with a 6.8% market share by MIM revenue in calendar year 2025 (per the F&S Report cited in the offer document), a position it says it has held for six years. Its portfolio serves the automotive, defence, medical, consumer and aerospace sectors, and it manufactured over 9,000 types of products in Fiscal 2026, the company discloses.

Per the RHP, Indo-MIM operates 15 manufacturing facilities - six in India, six in the United States, two in the United Kingdom and one in Mexico - and supplied customers in 55 countries over the last three fiscals. On financials, the company discloses restated consolidated revenue from operations of Rs 4,192.99 crore (Rs 41,929.85 million) in Fiscal 2026, up from Rs 3,329.58 crore in Fiscal 2025. Restated profit for the year was Rs 533.54 crore (Rs 5,335.43 million) in Fiscal 2026, against Rs 423.73 crore a year earlier, per the RHP. EBITDA stood at Rs 1,070.92 crore at a margin of 25.54%, with a return on net worth of 21.26% and basic earnings per share of Rs 11.06, the offer document states. The promoters are Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar.

The Offer Structure

The offer is a fresh issue plus an offer for sale, per the RHP. The fresh component aggregates up to Rs 500 crore, while the offer-for-sale portion is up to 6,82,91,022 equity shares. The named selling shareholders are Green Meadows Investments Ltd, the corporate promoter, offering up to 6,05,24,322 shares; Anuradha Koduri, an individual promoter-group shareholder, offering up to 54,59,000 shares; and the Indian Institute of Technology Madras, an other selling shareholder, offering up to 23,07,700 shares, the document states.

On the objects of the offer, the RHP states that the net proceeds from the fresh issue are proposed to be used for repayment or prepayment, in full or part, of certain borrowings of up to Rs 400 crore (Rs 4,000.00 million), with the balance for general corporate purposes (capped at 25% of gross proceeds). 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 (formerly Link Intime India Private Limited), per the RHP. The price band and lot size are set through book building and published on the exchanges before the issue opens; readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator once the band is announced. Prior primary-market coverage is on the Oquilia news desk.

Risk Factors

The RHP lists a set of internal risk factors that the company was required to disclose. Among them, the company discloses customer concentration: its top 10 customers contributed 38.41% of revenue from operations in Fiscal 2026, and the loss of such customers could adversely affect the business. The RHP also flags export dependence, noting revenue from outside India was 77.20% of total revenue from operations in Fiscal 2026, exposing the company to conditions in overseas markets.

The company discloses that it does not have definitive purchase agreements and generally works on a purchase-order basis, and that it imported 60.95% of its raw materials by value in Fiscal 2026, leaving it exposed to import restrictions and commodity-price swings. Among the risk factors the company discloses, a portion of the net proceeds will repay a loan from HDFC Bank, one of the book-running lead managers, and affiliates of certain lead managers. The RHP further discloses that the promoters, directors and key managerial personnel received show-cause notices relating to the appointment of a cost auditor, and that the name of the Chairman and Managing Director, Krishna Chivukula, appeared in a list of disqualified directors in the past.

What Happens Next

From the current milestone, the standard mechanics follow the RHP timetable. The anchor investor book is built on 22 July 2026, after which the offer opens to other categories of bidders on 23 July and remains open until 27 July, with the UPI mandate cut-off at 5:00 p.m. on the closing date, per the RHP. Bids are placed across the reserved portions for qualified institutional buyers, non-institutional bidders, retail bidders and eligible employees set out in the offer structure.

After the issue closes, the registrar finalises the basis of allotment with the designated stock exchange, refunds and unblocking follow for unsuccessful bidders, and shares are credited before listing on the NSE and BSE. The exact allotment and listing dates are published by the registrar and the exchanges once the window closes. These are process steps, not a forecast of demand or price.

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 - read it directly before making any decision.

When does the issue open and close?

Per the RHP, the anchor investor bidding period is 22 July 2026, the offer opens on 23 July 2026 and closes on 27 July 2026. The UPI mandate confirmation cut-off is 5:00 p.m. on the closing date, the document states.

What is the price band and lot size?

The RHP dated 17 July 2026 does not fix the price; as a first public issue, the offer price is discovered through book building and published in a price band advertisement on the exchanges before the issue opens. Check the NSE and BSE issue pages for the final band and lot size.

Where can I read the RHP?

The red herring prospectus is filed with the Registrar of Companies and is available on SEBI's website at sebi.gov.in, and on the NSE and BSE websites, along with the abridged prospectus.

How is the basis of allotment decided?

After the issue closes, the registrar, MUFG Intime India Private Limited, finalises the basis of allotment with the designated stock exchange under SEBI ICDR rules, across the reserved portions for qualified institutional buyers, non-institutional bidders, retail bidders and eligible employees set out in the RHP.

This report is based on the red herring prospectus filed with SEBI on 17 July 2026. It was surfaced via coverage on the Mint IPO desk.