Minerva Capital Research Solutions

Indo-MIM

RHP
ListedListed 30 Jul 2026MainboardNSE: INDOMIMCheck allotment
Current price₹ 1,099.6+126.72% since issue
Listing day+44.33%
Issue price
₹ 485
Issue size
₹ 3,811.21 Cr.
Min. investment
₹ 14,550
Listing price
₹ 700
Subscribed
72.34x
Lot size
30 shares
P/E
44.95
RoNW
21.26%
RoCE
26.60%
Debt / Equity
0.39
PAT margin
12.72%
EBITDA margin
25.54%
RoE
21.26%
EPS
₹ 10.79
NAV
₹ 58.24
Promoter stake
77.65%

About

Indo-MIM Limited, founded in 1996 and headquartered in Bengaluru, is the world's largest producer of Metal Injection Molding (MIM) components by installed capacity, holding roughly 6.8% of the global MIM market (2025). The company provides end-to-end precision engineering solutions spanning mold design, tooling, MIM, investment casting, precision machining, ceramic injection molding, metal 3D printing and assembly. It operates 15 manufacturing facilities across India, the United States, the United Kingdom and Mexico, serving more than 1,100 customers worldwide across the automotive, defence, medical, aerospace and consumer sectors. International markets accounted for about 77.2% of revenue in Fiscal 2026. The company holds NADCAP, IATF 16949 and AS9100 quality certifications supporting its presence in regulated industries.

Timeline

  1. Opens
    23 Jul
    done
  2. Closes
    27 Jul
    done
  3. Allotment
    28 Jul
    done
  4. Refunds
    29 Jul
    done
  5. Demat credit
    29 Jul
    done
  6. Listing
    30 Jul
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 199 on 19 Jul 2026
Lowest
₹ 168 on 18 Jul 2026
First quoted
₹ 168 on 18 Jul 2026

Subscription

How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)130₹ 14,550
Retail (Max)13390₹ 1,89,150
S-HNI (Min)14420₹ 2,03,700
B-HNI (Min)692,070₹ 10,03,950

Company overview

Financials

Financials by year
Revenue4,320.73,373.972,900.38
OPM %24.7927.6425.63
EBITDA1,070.92932.59743.46
Net Profit533.54423.73283.73
Debt1,090.491,247.21,085.01
Assets4,897.334,140.843,757.51

Strengths

  • World's largest installed Metal Injection Molding (MIM) capacity, with end-to-end capability from design to assembly
  • Highly diversified customer base across automotive, defence, medical, aerospace and consumer sectors, reducing single-industry risk
  • Strong revenue and profit growth, with PAT up 88% and total income up 49% between FY24 and FY26
  • Global manufacturing footprint across India, the US, UK and Mexico supporting multinational customers
  • Quality accreditations (NADCAP, IATF 16949, AS9100) enabling participation in regulated industries

Risks

  • Operates on a purchase-order basis without binding long-term commitments from customers, creating revenue volatility risk
  • Significant dependence on imported raw materials exposes the business to commodity price swings, currency fluctuations and geopolitical disruption
  • Multi-plant operations across geographies face equipment, labour and operational disruption risks
  • Elevated valuation at the upper price band, with a post-IPO P/E of about 44.95x and Price/Book of about 10.63x
  • Large Offer-for-Sale component (Rs 3,312.11 Cr of the Rs 3,812.11 Cr issue), limiting fresh capital available for the company's own growth

What the money is for

Objects of the issue
Repayment/prepayment of certain outstanding borrowings availed by the Company400
General corporate purposes—

Promoters

  • Dr. Krishna Chivukula
  • Krishna Chivukula Jr
  • Jagadamba Chandrasekhar
  • Green Meadows Investments Ltd
Promoter holding92.94%→77.65%before → after the issue · down 15.29 points

Anchor investors

92 anchors put in ₹ 1,140.98 Cr., including 60 mutual funds.

Anchor investors
ICICI PRUDENTIAL MANUFACTURING FUND9,48,420464.03%
ISIF HYBRID LONG-SHORT FUND1,75,2608.50.74%
ICICI PRUDENTIAL BALANCED HYBRID FUND41,25020.18%
ICICI PRUDENTIAL QUANT FUND41,25020.18%
ISIF EQUITY LONG-SHORT FUND30,9301.50.13%
HDFC DEFENCE FUND2,92,11014.171.24%
HDFC MULTI CAP FUND2,74,89013.331.17%
HDFC CHILDREN'S FUND2,74,89013.331.17%
HDFC INNOVATION FUND1,20,3005.830.51%
HDFC MANUFACTURING FUND1,20,3005.830.51%
HDFC BUSINESS CYCLE FUND1,03,08050.44%
HDFC MNC FUND51,5402.50.22%
SBI MNC FUND4,12,380201.75%
SBI INFRASTRUCTURE FUND3,91,740191.67%
SBI QUALITY FUND3,91,740191.67%
SBI CHILDREN'S FUND-SAVINGS PLAN41,25020.18%
KOTAK CONTRA FUND2,06,190100.88%
KOTAK BUSINESS CYCLE FUND2,06,190100.88%
KOTAK SPECIAL OPPORTUNITIES FUND2,06,190100.88%
KOTAK TRANSPORTATION & LOGISTICS FUND2,06,190100.88%
KOTAK MNC FUND2,06,190100.88%
KOTAK MANUFACTURE IN INDIA FUND2,06,160100.88%
ADITYA BIRLA SUN LIFE FLEXI CAP FUND4,12,380201.75%
ADITYA BIRLA SUN LIFE INFRASTRUCTURE FUND4,12,380201.75%
ADITYA BIRLA SUN LIFE MIDCAP FUND3,71,130181.58%
APEX HYBRID LONG-SHORT FUND41,22020.18%
ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK EMERGING MARKETS EQUITY FUND10,30,920504.38%
WHITEOAK CAPITAL INDIA OPPORTUNITIES FUND2,06,190100.88%
360 ONE FLEXICAP FUND7,21,650353.07%
360 ONE MULTI-STAGE DEFENCE & SPACE FUND4,12,350201.75%
DYNASIF EQUITY EX-TOP 100 LONG-SHORT FUND1,03,11050.44%
ARANDA INVESTMENTS PTE.LTD.7,21,620353.07%
GOVERNMENT PENSION FUND GLOBAL7,21,620353.07%
GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO7,21,620353.07%
AMANSA HOLDINGS PVT.LTD.7,21,620353.07%
AXIS ELSS TAX SAVER FUND2,36,10011.451%
AXIS SMALL CAP FUND2,16,75010.510.92%
AXIS FLEXI CAP FUND98,7304.790.42%
AXIS MULTICAP FUND77,0703.740.33%
AXIS INDIA MANUFACTURING FUND38,5201.870.16%
AXIS BALANCED ADVANTAGE FUND28,8901.40.12%
AXIS MULTI ASSET ALLOCATION FUND16,8300.820.07%
AXIS INNOVATION FUND9,6300.470.04%
BANDHAN SMALL CAP FUND5,17,14025.082.2%
HSBC SMALL CAP FUND3,76,11018.241.6%
HSBC MULTI CAP FUND1,41,0306.840.6%
MIRAE ASSET FOCUSED FUND4,63,89022.51.97%
MIRAE ASSET INFRASTRUCTURE FUND53,2502.580.23%
UTI INFRASTRUCTURE FUND3,10,29015.051.32%
UTI MULTI CAP FUND2,06,85010.030.88%
MOTILAL OSWAL SMALL CAP FUND5,17,14025.082.2%
QSIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND2,06,85010.030.88%
QSIF EQUITY EX-TOP 100 LONG-SHORT FUND3,10,29015.051.32%
TATA INFRASTRUCTURE FUND2,48,22012.041.06%
TATA RESOURCES & ENERGY FUND2,27,55011.040.97%
TITANIUM EQUITY LONG-SHORT FUND41,3702.010.18%
INVESCO INDIA INFRASTRUCTURE FUND2,06,85010.030.88%
INVESCO INDIA MANUFACTURING FUND2,06,85010.030.88%
SUMMIT EQUITY LONG-SHORT FUND1,03,4405.020.44%
BLACKROCK GLOBAL FUNDS-INDIA FUND5,17,14025.082.2%
PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND4,14,03020.081.76%
DSP INDIA FUND4,12,350201.75%
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.4,12,350201.75%
SBI LIFE INSURANCE CO.LTD.4,12,350201.75%
HDFC LIFE INSURANCE CO.LTD.4,13,25020.041.76%
BAJAJ LIFE INSURANCE LTD.4,12,350201.75%
NATIXIS INTERNATIONAL FUNDS (LUX) I-LOOMIS SAYLES GLOBAL EMERGING MARKETS EQUITY FUND3,09,270151.31%
KEDAARA CAPITAL PUBLIC MARKETS IFSC FUND I2,68,020131.14%
EAMC ICAV-ENAM INDIA OPPORTUNITIES FUND2,06,190100.88%
CANARA ROBECO MID CAP FUND3,10,98015.081.32%
EDELWEISS BUSINESS CYCLE FUND2,16,48010.50.92%
EDELWEISS RECENTLY LISTED IPO FUND51,5402.50.22%
UNION LARGE & MIDCAP FUND2,06,190100.88%
KOTAK FUNDS-INDIA MIDCAP FUND2,06,190100.88%
3P INDIA EQUITY FUND II M2,06,190100.88%
FRANKLIN BUILD INDIA FUND2,06,190100.88%
MANULIFE GLOBAL FUND-INDIA EQUITY FUND2,06,190100.88%
ICICI LOMBARD GENERAL INSURANCE CO.LTD.2,06,190100.88%
UNIFI BCAD FUND1,85,8589.010.79%
LIC MF VALUE FUND1,03,11050.44%
PGIM INDIA MULTI CAP FUND1,03,11050.44%
SPARK MIDAS INVESTMENT FUND I1,03,11050.44%
EDELWEISS LIFE INSURANCE CO.LTD.1,03,14850.44%
AXIS MAX LIFE INSURANCE LTD.-UEGFH-HIGH GROWTH FUND II1,03,11050.44%
CANARA HSBC LIFE INSURANCE CO.LTD.1,03,11050.44%
INDUSIND NIPPON LIFE INSURANCE CO.LTD.1,03,11050.44%
ABAKKUS SMALL CAP FUND1,03,11050.44%
EASTSPRING INVESTMENTS INDIA INFRASTRUCTURE EQUITY OPEN LTD.1,03,11050.44%
TAKSH INDIA ENTERPRISING FUND1,03,11050.44%
CSIM INDIA OPPORTUNITIES FUND I1,03,11050.44%
SOCIETE GENERALE-ODI1,03,11050.44%
ALCHEMY EMERGING LEADERS OF TOMORROW-SERIES II1,03,11050.44%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
MUFG Intime India Private Limited
Lead managers
SBI Capital Markets Ltd., Axis Capital, ICICI Securities, Kotak Mahindra Capital Company Limited, Hdfc Bank Limited
Red herring prospectus (RHP)
Open
Draft prospectus (DRHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.