Indo-MIM files RHP with SEBI; precision-parts IPO opens July 23

The Development

Indo-MIM Limited, a Bangalore-based precision engineering manufacturer, filed its red herring prospectus (RHP) dated July 17, 2026 with the Registrar of Companies, Karnataka, setting the calendar for its initial public offering. Per the RHP available on SEBI's website, anchor investor bidding was held on Wednesday, July 22, 2026, with the offer opening for public subscription on Thursday, July 23, 2026 and closing on Monday, July 27, 2026. This is the company's first public issue, made under Regulation 6(1) of the SEBI ICDR Regulations. The equity shares are proposed to be listed on both BSE and NSE, with NSE as the designated stock exchange; the company received in-principle approvals from both exchanges by letters dated December 11, 2025.

The offer combines a fresh issue of equity shares aggregating up to Rs 500 crore (Rs 5,000 million) with an offer for sale of up to 68,291,022 equity shares of face value Re 1 each, per the RHP. The total offer size in rupee terms is to be finalised once the price band is fixed. The Economic Times, which reported the issue's opening, put the aggregate at around Rs 3,811 crore. The filing places Indo-MIM among the larger mainboard offerings in the current window.

The Company

Per the RHP, Indo-MIM provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology, from mold designing and tooling through to finishing and assembly. The company discloses that, with over 25 years in the MIM industry, it is the largest global manufacturer of MIM precision components, citing a 6.8% share of MIM revenue in Calendar Year 2025 based on a F&S report, a position it says it has held for six years. Its products serve automotive OEMs and makers of defence, medical, consumer durable and aerospace components, and it manufactured over 9,000 types of products in Fiscal 2026. The RHP states the company operates 15 manufacturing facilities, six in India, six in the United States, two in the United Kingdom and one in Mexico.

On financials, the company discloses restated consolidated revenue from operations of Rs 4,192.99 crore (Rs 41,929.85 million) for 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 (Rs 5,335.43 million) in Fiscal 2026, against Rs 423.73 crore in Fiscal 2025 and Rs 283.73 crore in Fiscal 2024, per the RHP. The company reports EBITDA of Rs 1,070.92 crore and a return on net worth of 21.26% for Fiscal 2026. Its promoters are Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar; Krishna Chivukula is Chairman and Managing Director and Krishna Chivukula Jr. is Whole-time Director and Chief Executive Officer.

The Offer Structure

The RHP structures the offer as a fresh issue of up to Rs 500 crore and an offer for sale of up to 68,291,022 equity shares of face value Re 1 each. The named selling shareholders are Green Meadows Investments Ltd, offering up to 60,524,322 shares as a corporate promoter, Anuradha Koduri, offering up to 5,459,000 shares as a promoter group seller, and the Indian Institute of Technology Madras, offering up to 2,307,700 shares. Of the fresh-issue proceeds, the objects of the offer state that Rs 400 crore (Rs 4,000 million) is earmarked for repayment or prepayment of certain borrowings, with the balance for general corporate purposes.

The price band, lot size and minimum application amount are fixed with the price band advertisement ahead of the opening; applications are made through the ASBA and UPI process, with the UPI mandate cut-off at 5:00 p.m. on the closing date. The book running lead managers are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets, and the registrar is MUFG Intime India Private Limited (formerly Link Intime India). Readers working through the arithmetic of an allotment or a holding period can use Oquilia's lumpsum calculator and CAGR calculator, and prior coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose. Among them, the company discloses that imported raw materials made up 60.95%, 61.80% and 59.63% of its total raw-material purchases in Fiscals 2026, 2025 and 2024, so import restrictions or global commodity price swings could affect its operations. The RHP lists a concentration risk, noting the company's Indian manufacturing facilities are located in south India, and a broader dependence on its manufacturing facilities, where any shutdown or slowdown could have an adverse effect.

The offer document also discloses a related-party element: a portion of the net proceeds will repay a loan from HDFC Bank Limited, one of the book running lead managers, and from affiliates of certain lead managers. Among the risk factors the company discloses, its promoters, directors and key managerial personnel have received show cause notices for alleged non-compliance with the mandatory appointment of a cost auditor and a mandatory cost audit, and the RHP records 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

With the RHP filed and the anchor book placed on July 22, the standard mainboard mechanics run from here: the three-day public bidding window is open from July 23 to July 27, during which category-wise demand from qualified institutional buyers, non-institutional bidders and retail individual bidders is reported by the exchanges. After the close, the basis of allotment is finalised by the registrar, MUFG Intime India, followed by refunds or the unblocking of ASBA and UPI mandates for unsuccessful applicants and credit of shares to demat accounts for successful ones.

Listing then follows on BSE and NSE, with NSE as the designated stock exchange. Exchange subscription figures, the basis of allotment and the eventual listing price will each appear on the official record as those milestones pass, and Oquilia will report them as facts rather than forecasts. The price band, lot size and minimum application amount are set out in the price band advertisement published ahead of the opening.

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, anchor investor bidding was held on Wednesday, July 22, 2026. The offer opens for public bidding on Thursday, July 23, 2026 and closes on Monday, July 27, 2026, with the UPI mandate cut-off at 5:00 p.m. on the closing date.

What is the fresh issue and offer for sale?

The RHP states a fresh issue of equity shares aggregating up to Rs 500 crore (Rs 5,000 million) and an offer for sale of up to 68,291,022 equity shares of face value Re 1 each by Green Meadows Investments Ltd, Anuradha Koduri and IIT Madras.

What does the company do?

Per the RHP, Indo-MIM provides end-to-end solutions for manufacturing precision engineering components using metal injection molding, serving automotive, defence, medical, consumer and aerospace customers. It cites itself as the largest global MIM manufacturer with a 6.8% market share in Calendar Year 2025.

Where can I read the RHP?

The red herring prospectus dated July 17, 2026 is filed with the Registrar of Companies, Karnataka and is available on SEBI's website and on the NSE and BSE websites. The abridged prospectus is linked from the SEBI filing page.

This report is based on the red herring prospectus filed with SEBI by Indo-MIM Limited. It was surfaced via coverage in The Economic Times.