Indo-MIM sets Rs 461-485 band for Rs 3,812 crore IPO

The Development

Indo-MIM Limited, a Bengaluru-based precision components manufacturer, opened its initial public offer for subscription on 23 July 2026, with the bidding window scheduled to close on 27 July 2026, per the red herring prospectus filed with the RoC dated 17 July 2026 and the offer schedule published by the National Stock Exchange. The company, in consultation with its book-running lead managers, set a price band of Rs 461 to Rs 485 per equity share of face value Re 1. The offer combines a fresh issue aggregating up to Rs 500 crore with an offer for sale of up to 6,82,91,022 equity shares, taking the total offer to roughly Rs 3,812 crore at the upper end of the band.

Ahead of the opening, the company's IPO committee finalised the anchor book on 22 July 2026, allotting 2,35,25,656 equity shares to anchor investors at Rs 485 each, per the anchor intimation letter filed with the exchanges - an allocation of about Rs 1,141 crore. The equity shares are proposed to be listed on the BSE and the NSE, which granted in-principle approvals on 11 December 2025. The filing was surfaced via coverage on the Economic Times IPO desk.

The Company

Per the RHP, Indo-MIM manufactures and supplies complex, high-quality precision components using metal injection moulding technology for the automotive, defence, medical products, consumer and aerospace sectors, serving customers in India and across global markets. The company organises its output through dedicated product groups spanning aerospace, automotive, defence and medical applications, and the offer document describes end-to-end solutions "for the manufacture of precision engineering components using MIM technology". Its registered and corporate office is at the KIADB Industrial Area, Hoskote, near Bengaluru.

The company discloses revenue from operations of Rs 4,192.99 crore for the financial year ended 31 March 2026, up from Rs 3,329.58 crore in FY2025 and Rs 2,870.40 crore in FY2024. Restated profit for the year was Rs 533.54 crore in FY2026, against Rs 423.73 crore in FY2025 and Rs 283.73 crore in FY2024, with basic earnings per share of Rs 11.06 for FY2026. The RHP names the promoters as Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar.

The Offer Structure

The offer pairs a fresh issue of up to Rs 500 crore with an offer for sale of up to 6,82,91,022 equity shares, per the RHP. The selling shareholders are the corporate promoter Green Meadows Investments Ltd (up to 6,05,24,322 shares), individual promoter group member Anuradha Koduri (up to 54,59,000 shares) and the Indian Institute of Technology Madras (up to 23,07,700 shares). Proceeds from the offer for sale go to these selling shareholders; only the fresh issue proceeds accrue to the company.

The bid lot is 30 equity shares, so a retail application at the Rs 485 cap amounts to Rs 14,550, with a Rs 45 per share discount for eligible employees. The company states the fresh issue proceeds are for repayment or prepayment of certain outstanding borrowings and for general corporate purposes, with CARE Ratings appointed as monitoring agency. The book-running lead managers are HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets, with MUFG Intime India as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator; prior coverage sits on the /news desk.

Risk Factors

The RHP sets out the risks the company is required to disclose. Among the risk factors the company discloses, its top 10 customers contributed 38.41%, 38.94% and 42.00% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively, so the loss of a major customer could affect results. The RHP also flags heavy export dependence, with revenue from outside India at 77.20%, 89.92% and 88.26% of operations across the same three years.

On the input side, the company discloses that imported raw materials made up 60.95%, 61.80% and 59.63% of total raw-material purchases in the three fiscals, sourced from countries including China, Japan, the United Kingdom, Germany and France, exposing it to import restrictions and commodity-price swings. The RHP lists the concentration of manufacturing facilities in south India as a further risk, and notes that the statutory auditors included an emphasis of matter for Fiscals 2025 and 2024, which the company states did not require corrective adjustments to the restated financial information.

What Happens Next

The subscription window runs from 23 to 27 July 2026, with the UPI mandate confirmation cut-off at 5:00 p.m. on the closing day, per the NSE issue schedule. After the close, the registrar and the exchanges finalise the basis of allotment, followed by refunds or the unblocking of application amounts for unsuccessful or partially successful bids, and the crediting of shares to successful applicants.

The equity shares are then admitted for trading on the BSE and the NSE on the listing date notified by the exchanges. Subscription figures accumulate category-wise - qualified institutional buyers, non-institutional bidders and retail individual bidders - through the bidding period and are published on the exchange websites as the issue progresses. These are process steps set by the offer timetable, not a prediction of demand.

FAQ

What is the price band and lot size?

The price band is Rs 461 to Rs 485 per equity share of face value Re 1, per the RHP. The bid lot is 30 equity shares and multiples thereof, so an application at the Rs 485 upper band amounts to Rs 14,550. Eligible employees receive a discount of Rs 45 per share on the offer price.

When does the issue open and close?

The offer opened on 23 July 2026 and closes on 27 July 2026, per the NSE schedule, with the anchor allocation completed a day earlier on 22 July 2026. The UPI mandate confirmation cut-off is 5:00 p.m. on 27 July 2026. Applications are made through the ASBA and UPI facilities offered by banks and brokers.

What are the objects of the fresh issue?

Per the RHP, the company proposes to use the net proceeds of the Rs 500 crore fresh issue for repayment or prepayment, in full or part, of certain outstanding borrowings, and for general corporate purposes. The offer-for-sale proceeds go to the selling shareholders and not to the company. CARE Ratings is the monitoring agency.

Where can I read the RHP?

The red herring prospectus, including the complete risk-factors section, is available on the websites of SEBI, the NSE and the BSE, and on the book-running lead managers' sites. It carries the full financials, promoter details, litigation summary and objects of the offer that this report draws on.

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 offer schedule published by the NSE and the anchor intimation filed with the exchanges. It was surfaced via coverage in The Economic Times.