Indo-MIM
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 204.34×
- Big non-institutionalbNII · above ₹10 lakh
- 57.68×
- Small non-institutionalsNII · ₹2–10 lakh
- 36.35×
- Retail individualRII · up to ₹2 lakh
- 6.48×
- Employeesreserved quota
- 9.31×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Jul 2026 | ₹184 | — | ₹4,200 | — | ₹5,520 |
| 29 Jul 2026 | ₹187 | — | ₹4,300 | — | ₹5,610 |
| 28 Jul 2026 | ₹190 | — | ₹4,300 | — | ₹5,700 |
| 27 Jul 2026 | ₹190 | — | ₹4,300 | — | ₹5,700 |
| 26 Jul 2026 | ₹190 | — | ₹4,300 | — | ₹5,700 |
| 25 Jul 2026 | ₹181 | — | ₹4,100 | — | ₹5,430 |
| 24 Jul 2026 | ₹184 | — | ₹4,200 | — | ₹5,520 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Jul 2026 – 27 Jul 2026
- Listing date
- 30 Jul 2026
- Face value
- ₹1 per share
- Price band
- ₹461 – ₹485
- Issue price
- ₹485 per share
- Lot size
- 30 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹3,812 Cr
- Fresh issue
- ₹501 Cr 1,03,27,835 shares
- Offer for sale
- ₹3,311 Cr 6,82,91,022 shares
- Market cap at offer price
- ₹23,981 Cr
- Promoter holding
- 92.94% → 77.65% pre-issue → post-issue
- ISIN
- INE084101034
- CIN
- U28110KA1996PLC137499
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- HDFC Bank Ltd.
- Registered office
- 45(P), KIADB Industrial Area, Hoskote, Bangalore 562 114, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,56,83,772 | 28.57% | 28.47% |
| Anchor investor · within QIB | 2,35,25,656 | — | 42.70% |
| NII (HNI) | 1,17,62,829 | 21.43% | 21.35% |
| bNII > ₹10L · within NII | 78,41,885 | — | 14.23% |
| sNII < ₹10L · within NII | 39,20,944 | — | 7.12% |
| Retail (RII) | 2,74,46,600 | 50.00% | 49.82% |
| Employee | 2,00,000 | — | 0.36% |
| Market maker | 0 | — | 0.00% |
| Total issue | 5,50,93,201 | — | 100.00% |
Net offer to the public of 5,48,93,201 shares, out of a total issue of 5,50,93,201. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 30 shares per lot, in multiples, at ₹485
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 30 | ₹14,550 |
| Retail (max) | 13 | 390 | ₹1,89,150 |
| S-HNI (min) | 14 | 420 | ₹2,03,700 |
| S-HNI (max) | 68 | 2,040 | ₹9,89,400 |
| B-HNI (min) | 69 | 2,070 | ₹10,03,950 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹485 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.02 | 10.79 |
| P/E (×) | 44.01 | 44.95 |
| Price to book (×) | 10.63 | — |
| Market cap | — | ₹23,981 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 19.94%
- ROCE
- 25.00%
- Debt / equity
- 0.57
- PAT margin
- 12.73%
- EBITDA margin
- 28.01%
- NAV per share
- ₹45.63
- Price to book
- 10.63
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 4,320.7 | 3,373.97 | 2,900.38 |
| Revenue from operations | 4,192.98 | 3,329.58 | 2,870.4 |
| Other income | 127.72 | 44.4 | 29.99 |
| Total expenses | 3,508.93 | 2,691.89 | 2,388.7 |
| Operating profit | 811.77 | 682.08 | 511.68 |
| Operating margin | 18.79% | 20.22% | 17.64% |
| Profit before tax | 733.74 | 581 | 435.21 |
| Profit after tax | 533.54 | 423.73 | 283.73 |
| PAT margin | 12.35% | 12.56% | 9.78% |
| Balance sheet | |||
| Total assets | 4,897.33 | 4,140.84 | 3,757.51 |
| Current assets | 2,471.92 | 2,127.49 | 1,827.43 |
| Current liabilities | 1,182.41 | 1,238.66 | 893.64 |
| Total liabilities | 2,077.78 | 1,941.41 | 1,707 |
| Net worth | 2,819.55 | 2,199.43 | 2,050.51 |
| Current ratio | 2.09× | 1.72× | 2.04× |
| Return on equity | 18.92% | 19.27% | 13.84% |
| Cash flow | |||
| Operating cash flow | 1,077.24 | 506.27 | 458.33 |
| Investing cash flow | -536.55 | -335.93 | -475.51 |
| Financing cash flow | -356.08 | -237.94 | -92.68 |
| Net cash flow | 214.94 | -58.24 | -98.6 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of outstanding borrowings ₹400 Cr
The company proposes to utilize Net Proceeds towards repayment/prepayment, in full or part, of certain outstanding borrowings availed from various banks and financial institutions to reduce outstanding indebtedness and maintain favorable debt-equity ratio.
2 General corporate purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including strategic initiatives, funding growth opportunities, meeting exigencies, and general corporate expenses, subject to not exceeding 25% of Gross Proceeds.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Green Meadows Investments Ltd | Corporate Promoter Selling Shareholder | 6,05,24,322 | ₹2.67 |
| Anuradha Koduri | Individual Promoter Group Selling Shareholder | 54,59,000 | ₹1.25 |
| Indian Institute of Technology Madras | Other Selling Shareholder | 23,07,700 | ₹0 |
3 sellers offering 6,82,91,022 shares.
About Indo-MIM
Indo-MIM Limited is an India-incorporated company established on April 12, 1996, originally incorporated as 'A F Technologies India Private Limited' and subsequently renamed to align with its registered trademark. The Company provides end-to-end solutions for manufacturing precision engineering components using Metal Injection Molding (MIM) technology, including mold designing and tooling, coupled with finishing and assembly operations. The Company operates 15 manufacturing facilities across four countries: six in India, six in the United States, two in the United Kingdom, and one in Mexico. Its revenue from operations grew from ₹28,703.95 million in Fiscal 2024 to ₹33,295.77 million in Fiscal 2025 and to ₹41,929.85 million in Fiscal 2026, representing a CAGR of 20.86% between Fiscal 2024 and Fiscal 2026. The Company serves customers spread across North America, Europe, South East Asia and other foreign countries, with exports representing 77.20% of revenue in Fiscal 2026.
Management
Krishna Chivukula
MD
Krishna Chivukula Jr.
CEO
Jagadamba Chandrasekhar
Director
Raj Chivukula
Director
Strengths
As stated in the offer document
Global leadership in manufacturing precision engineering components using MIM technology
The company is 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 has held this position for the last six years.
Long-standing relationships with Indian and global OEM customers
The company has diverse customer base with long-standing relationships with several Indian and global OEMs. For Fiscals 2026, 2025 and 2024, repeat customers contributed 91.60%, 90.91% and 93.76% respectively of revenue from operations.
Diversified product portfolio catering to applications across multiple industries
The company has diverse product portfolio serving customers across automotive, defence, medical devices, consumer durables, and aerospace components. The company manufactured over 9,000 types of products in Fiscal 2026.
Backward integrated, dual-shore manufacturing capabilities with focus on efficiency
The company operates 15 manufacturing facilities across India, United States, United Kingdom and Mexico. As of March 31, 2026, the company has the world's largest installed capacity for MIM products and deployed 436 robots and 476 IoTs enabled machines.
Export driven player with extensive global distribution capability
The company has global sales capabilities with three sales offices in China, Germany and United States and 13 sales representatives across multiple countries. Revenue from outside India was 77.20%, 89.92% and 88.26% for Fiscals 2026, 2025 and 2024 respectively.
Experienced promoters and management team supported by large employee base
The company is led by Promoters with significant experience - Krishna Chivukula has over 30 years of experience in MIM industry. As of March 31, 2026, the company had 4,424 permanent employees in India, out of which 4,100 are engineers, metallurgists, designers, toolmakers and technicians.
Track record of robust financial performance
The company demonstrated consistent revenue growth with revenue from operations of ₹ 41,929.85 million, ₹ 33,295.77 million and ₹ 28,703.95 million for Fiscals 2026, 2025 and 2024 respectively, representing growth rates of 25.93%, 16.00% and 6.60%.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives a significant portion of revenue from its top 10 customers, who contributed 38.41%, 38.94% and 42.00% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of such customers or significant reduction in demand could adversely affect business operations and financial performance.
Export Dependency and Geographic Concentration
The company's business is heavily dependent on exports, with revenue from outside India representing 77.20%, 89.92% and 88.26% of total revenue in Fiscals 2026, 2025 and 2024, respectively. Economic slowdowns in export markets or trade restrictions could significantly impact operations.
Lack of Long-term Customer Commitments
The company operates on a purchase order basis without definitive agreements or long-term commitments from customers. This creates uncertainty in demand visibility and exposes the company to order cancellations, changes, or delays without compensation.
Raw Material Supply Chain Dependencies
The company's operations depend on uninterrupted availability of key raw materials from domestic and international suppliers. Any disruption affecting supply or market prices could adversely affect production schedules, cost structure and financial performance.
Import Dependency for Raw Materials
The company imports 60.95%, 61.80% and 59.63% of raw materials in Fiscals 2026, 2025 and 2024, respectively. Import restrictions, global commodity price fluctuations, or geopolitical tensions could adversely affect business operations and costs.
Manufacturing Facility Operational Risks
The company operates 15 manufacturing facilities globally, and any unscheduled disruption due to power failure, mechanical breakdown, natural disasters, or other events could reduce ability to meet customer conditions and adversely affect sales and revenue.
Geographic Concentration in South India
The company's manufacturing facilities in India are concentrated in south India (Karnataka, Tamil Nadu and Andhra Pradesh). Adverse developments affecting this region could require significant capital expenditure or suspension of operations.
Regulatory Compliance and Cost Audit Issues
The company's Promoters, Directors and KMPs have received show cause notices for alleged non-compliance with mandatory cost auditor appointment requirements, which could impact reputation and subject the company to regulatory actions.
Company Analysis
from DRHPIndo-MIM Limited manufactures precision engineering components using Metal Injection Molding (MIM) and related technologies for the automotive, aerospace, defence, medical, and consumer products sectors, operating manufacturing facilities across India, the United States, the United Kingdom, and Mexico.
Indo-MIM Limited is an India-incorporated company established on April 12, 1996, originally incorporated as 'A F Technologies India Private Limited' and subsequently renamed to align with its registered trademark. The Company provides end-to-end solutions for manufacturing precision engineering components using Metal Injection Molding (MIM) technology, including mold designing and tooling, coupled with finishing and assembly operations. The Company operates 15 manufacturing facilities across four countries: six in India, six in the United States, two in the United Kingdom, and one in Mexico. Its revenue from operations grew from ₹28,703.95 million in Fiscal 2024 to ₹33,295.77 million in Fiscal 2025 and to ₹41,929.85 million in Fiscal 2026, representing a CAGR of 20.86% between Fiscal 2024 and Fiscal 2026. The Company serves customers spread across North America, Europe, South East Asia and other foreign countries, with exports representing 77.20% of revenue in Fiscal 2026.
Objects of the Issue
- Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹4,000.00 million p.107
- General corporate purposes ₹854.37 million p.106
Issue Structure
- Total Issue
- ₹38,121.15 million
- Fresh Issue
- ₹5,000.00 million (10,327,835 Equity Shares at face value of ₹1 each)
- Offer for Sale
- ₹33,121.15 million (68,291,022 Equity Shares at face value of ₹1 each)
- Price Band
- ₹461.00 to ₹485.00 per Equity Share
- Lot Size
- 30 Equity Shares (Bid Lot)
- Face Value
- ₹1 per Equity Share
Business Model
The Company manufactures precision engineering components using Metal Injection Molding technology and related processes. It earns revenue through the sale of precision components to customers in various sectors. As disclosed, the Company derived revenue from top 10 customers representing 38.41% of revenue from operations in Fiscal 2026. The Company also generates revenue from the sale of powder, tools and traded products. Operating segments include Automotive Products Group (24.61% of revenue in Fiscal 2026), Defence Products Group (18.69%), Medical Products Group (18.08%), Aerospace (11.96%), Consumer Products Group (10.80%), and Others (15.86%).
Business Segments
SWOT Analysis
- • Diverse customer base with significant revenue concentration in multiple end-use industries including automotive, aerospace, defence, medical and consumer sectors, reducing dependence on single industry(p.24)
- • Strong export presence with 77.20% of FY2026 revenue generated from international markets, demonstrating global market penetration(p.23)
- • Established manufacturing footprint across multiple geographies (India, USA, UK, Mexico) with 15 manufacturing facilities providing operational resilience(p.27)
- • Significant revenue growth with CAGR of 20.86% from FY2024 to FY2026 (₹28,703.95 million to ₹41,929.85 million)(p.33)
- • Maintained strong credit ratings (AA+ Stable) from ICRA for both working capital and term loan facilities(p.30)
- • Demonstrated consistent profitability with PAT increasing from ₹2,837.34 million in FY2024 to ₹5,335.43 million in FY2026(p.70)
- • Heavy dependence on top 10 customers representing 38.41%, 38.94% and 42.00% of revenue in FY2026, FY2025 and FY2024 respectively, creating concentration risk(p.23)
- • No long-term purchase commitments from customers as business is conducted on purchase order basis without firm commitments, creating demand visibility challenges(p.24)
- • High concentration of manufacturing facilities in South India (Karnataka, Tamil Nadu, Andhra Pradesh) creating geographic risk to operations(p.27)
- • Significant dependence on imported raw materials (60.95% in FY2026) exposing company to foreign exchange, tariff and supply chain risks(p.26)
- • High material costs representing 20.87% of revenue in FY2026 with cost of materials consumed increasing from ₹4,501.71 million in FY2024 to ₹8,748.77 million in FY2026(p.25)
- • Outstanding regulatory compliance issues including show cause notices from Ministry of Corporate Affairs for non-compliance with cost auditor appointment requirements(p.28)
- • Majority of Directors lack prior experience in listed companies which could create governance and regulatory compliance challenges(p.47)
- • Expansion into new geographies and customer acquisition through diversified technology portfolio leveraging existing relationships and engineering capabilities(p.33)
- • Industry tailwinds in precision components sector with growing demand for high-precision MIM components in automotive, aerospace and medical industries(p.50)
- • Backward integration into powder manufacturing with new facility being set up at Gowribidanur to reduce dependence on imported raw materials(p.47)
- • Expansion of production capacity across existing facilities to increase capacity utilization and meet growing customer demand(p.40)
- • Strategic acquisitions to strengthen technical capabilities and market presence, as evidenced by acquisitions of Triax Industries LLC, Conway Marsh Garrett Technologies Limited and Phoenix DeVentures II Inc(p.34)
- • Government incentive schemes including PLI (Production Linked Incentive) to support domestic manufacturing and reduce import dependence(p.14)
- • Intense price competition from competitors and customer price reduction pressures reducing margins despite volume increases(p.31)
- • Cyclical nature of manufacturing industry vulnerable to economic downturns and sector-specific dynamics affecting demand(p.32)
- • US tariffs and trade restrictions under 'Fair and Reciprocal Plan' impacting Indian exporters particularly those with substantial US market presence(p.24)
- • Volatility in foreign exchange rates affecting pricing, competitiveness and translation of overseas subsidiary earnings(p.29)
- • Rising input costs including raw materials, labour and energy while facing pricing pressure from customers limiting margin expansion(p.59)
- • Global economic slowdown and geopolitical tensions (Russia-Ukraine, Israeli-Palestinian conflicts) impacting demand in key export markets(p.53)
- • Delays in capital expenditure cycles in key markets (Europe, Japan) coupled with electric vehicle adoption affecting demand for precision components(p.24)
- • Supply chain disruptions and logistics challenges affecting ability to deliver products on time and cost-effectively(p.37)
- • Regulatory changes and compliance requirements including environment, labour and safety laws potentially increasing operating costs(p.56)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Green Meadows Investments Ltd | Corporate Promoter | 90.44% | 76.32% |
| Krishna Chivukula | Individual Promoter | 0.21% | 0.20% |
| Krishna Chivukula Jr. | Individual Promoter | — | — |
| Raj Chivukula | Individual Promoter | — | — |
| Jagadamba Chandrasekhar | Individual Promoter | 1.16% | 1.13% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.