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Indo-MIM Ltd
Capital Goods-Non Electrical EquipmentIPO
₹485 - 485
We provide end-to-end solutions for the manufacture of precision engineering components using metal injection molding ("MIM") technology. Our capabilities include mold designing and tooling, coupled with finishing and assembly operations. With over 25 years of experience in the MIM industry, we are the largest manufacturer globally of precision engineering components using MIM technology, with a market share of 6.8% in terms of revenue from MIM in Calendar Year 2025 and have held this position for the last six years.
Lot30Min Invest₹14,550Face Value₹1Issue Size₹3,812 CrFresh Issue₹500 CrOffer for Sale₹3,312 CrListing Price₹700CMP₹1,100
Timeline
23 Jul
Bidding opens
27 Jul
Bidding closes
28 Jul
Allotment
29 Jul
Refund & demat credit
30 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,812 Cr7.86 Cr shares
Fresh Issue₹500 Cr
Offer for Sale₹3,312 Cr
Face Value₹1
Lot Size30 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,5501-13 lots
sNII₹2,03,700from 14 lots
bNII₹10,03,950from 69 lots
Managers & Registrar
Lead ManagerHDFC Bank Limited
Co-ManagerAxis Capital Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrGreen Meadows Investments LtdPRMTR6,05,24,3222,935.43Anuradha KoduriPRMTR54,59,000264.76Indian Institute of Technology MadrasOTH23,07,700111.92Total6,82,91,0223,312.11
Shareholding
CategoryPre IPOPost IPOPromoter Group92.94%77.65%Public7.06%22.35%
Objects of the Issue
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company
- General corporate purposes
Anchor Book
Bid Date22-Jul-2026Shares2,35,25,656Amount₹1,141 Cr30-day lock-in26-Aug-202690-day lock-in25-Oct-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 2,503 | 2,753 | 2,870 | 3,330 | 4,193 |
| Operating ProfitCr | 918 | 814 | 743 | 933 | 1,071 |
| OPM% | 36.7 | 29.6 | 25.9 | 28.0 | 25.5 |
| PBTCr | 769 | 629 | 435 | 581 | 734 |
| PATCr | 598 | 471 | 284 | 424 | 534 |
| EPS | 62 | 10 | 6 | 9 | 11 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 48 | 48 | 48 | 48 |
| ReservesCr | 1,612 | 1,962 | 2,002 | 2,151 | 2,771 |
| BorrowingsCr | 670 | 980 | 1,272 | 1,433 | 1,368 |
| Fixed AssetsCr | - | - | - | - | 2,221 |
| Total AssetsCr | 2,664 | 3,461 | 3,758 | 4,141 | 4,897 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 502 | 415 | 458 | 506 | 1,077 |
| Investing Cash FlowCr | -299 | -388 | -476 | -336 | -537 |
| Financing Cash FlowCr | -177 | 92 | -93 | -238 | -356 |
| Net Cash FlowCr | 27 | 120 | -99 | -58 | 215 |
Strengths & Risks
Strengths · as stated in the DRHP
- Global leadership in manufacturing precision engineering components using MIM technology.
- Long-standing relationships with Indian and global OEM customers.
- Diversified product portfolio catering to applications across multiple industries.
- Backward integrated, dual-shore manufacturing capabilities with focus on efficiency.
- Export driven player with extensive global distribution capability.
- Experienced promoters and management team supported by large employee base.
Strategies · as stated in the DRHP
- Continue to acquire new customers and increase our wallet share by leveraging existing relationships.
- Continue to leverage diversified technologies to expand product portfolio and capitalize on industry tailwinds.
- Retain and strengthen our technological leadership through continued focus on engineering capabilities.
- Continue to reduce operating costs and improve operational efficiencies.
- Expand our business and geographical footprint organically and inorganically.
Risks · as stated in the DRHP
- The company derives a significant portion of its revenue from the company's top 10 customers, who contributed 38.41%, 38.94% and 42.00% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of such customers or a significant reduction in demand of the company's products from these customers could have an adverse effect on its business, results of operations, financial condition and cash flows.
- The company's business is dependent on exports and the performance of geographies where its supply the company's products. Its export the company's products to various countries and its revenue from outside India represented 77.20%, 89.92% and 88.26% of the total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in the conditions affecting the industries in global markets in which the company's products is supplied, can adversely impact its business, cash flows, results of operations and financial condition.
- The company does not has definitive agreements having commitment on part of its customers to purchase or place orders with its. The company generally does business with its customers on a purchase order basis and the company's customers does not make long-term commitments/ agreements with its. If the company's customers choose not to source their requirements from its, there may be an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Loss of any of the company's suppliers or a failures by its suppliers to deliver the company's primary raw materials such as metal powders and polymers may have an adverse impact on its ability to continue the company's manufacturing process without interruption.
- The company imports a significant portion of its raw materials constituting 60.95%, 61.80% and 59.63% of the company's total purchases of raw materials in Fiscals 2026, 2025 and 2024, respectively. Any restrictions on imports or fluctuation in global commodity prices that affect its raw materials could adversely affect the company's business, results of operations, cash flows and financial condition.
- The company's operations is significantly dependent on its manufacturing facilities, and the shutdown or slowdown of operations at any of the company's manufacturing facilities could have an adverse effect on its business, results of operations, financial condition and cash flows.