Indo-MIM IPO Day 3 LIVE: The initial public offering (IPO) of Indo-MIM Ltd hit the Indian Primary Market on 23 July 2026, and will remain open until 27 July 2026. The company management has offered Indo-MIM shares at a price band of ₹461 to ₹485 per equity share.
The company aims to raise ₹3,811 crore, which means the Indo-MIM IPO size is ₹3,811 crore. The book-build issue comprises both fresh shares and an Offer for Sale (OFS). The public issue is proposed for listing on the BSE and NSE exchanges. Meanwhile, the company’s shares are available in the grey market ahead of the Indo-MIM IPO listing date.
Indo-MIM IPO GMP today
According to market observers, the company’s shares are available at a premium of ₹190 in the grey market today. So, the Indo-MIM IPO GMP (Grey Market Premium) today is ₹190. In the last three years, Indo-MIM’s share price has risen from ₹166 to ₹190, which can be attributed to the strong Indo-MIM IPO subscription status. The public issue has been booked over 3 times in the first two days of bidding.
Indo-MIM IPO subscription status
By 10:18 AM on day 3 of bidding, the public issue had been booked 4.45 times, the retail portion had been subscribed 2.37 times, whereas the NII segment had been filled 13.77 times. The QIB portion had been subscribed to 1.12 times.
Indo-MIM IPO review
On whether one should apply for this bookbuilding issue or not, Mahesh M. Ojha, Vice President — Research & Business Development at KC Securities, said, “At the upper price band, Indo-MIM Limited is valued at 45.0x FY26E P/E, based on a diluted EPS of ₹10.87 as of March 31, 2026. While the valuation commands a premium, it appears justified considering the company’s global leadership in Metal Injection Moulding (MIM), a niche industry with high technological capabilities, significant entry barriers, and limited global competition, The global MIM market, estimated at USD 3.2 billion in 2026, is projected to reach USD 4.7 billion by 2035, implying a 4.4% CAGR and providing a healthy long-term growth runway.”
The KC Securities expert said the company has no direct listed peers in India, while its closest global comparable, Jiangsu Gian Technology Co. Ltd., trades at a meaningfully higher valuation, underscoring the scarcity value of listed MIM businesses. Indo-MIM is also well positioned to capitalise on the China+1 manufacturing shift, supported by India’s favourable policy framework, PLI incentives, and rapidly expanding manufacturing ecosystem. India’s manufacturing value-added is expected to grow at a 12.2% CAGR during CY25–CY31F, significantly outpacing China’s projected 4.3% CAGR, driven by rising foreign investment, supply-chain diversification, and expanding domestic manufacturing capabilities. Given its global leadership, strong competitive moat, scalable business model, and favourable industry tailwinds.
“We believe Indo-MIM is well-positioned to deliver sustainable earnings growth over the long term, supporting its premium valuation. Hence, we recommend investors’ APPLY’ to the issue with a medium to long-term investment horizon,” Mahesh M Ojha of KC Securities said.
Anand Rathi has also assigned an ‘apply’ tag to the bookbuilding issue, saying, “Indo-MIM Limited, the global leader in Metal Injection Moulding (MIM), is valued at ~45.0x P/E on FY26 earnings (at the upper price band). Considering its global market leadership, diversified end-user exposure, integrated manufacturing capabilities, and strong export franchise, the valuation appears reasonable. Accordingly, we recommend subscribing to the IPO from a medium- to long-term investment perspective.”
Beacon Capital Advisors and Swastika Investmart have also assigned an ‘apply’ tag to the Indo-MIM IPO.
Indo-MIM IPO details
The most likely Indo-MIM IPO allotment date is 28 July 2026. MUFG Intime India Private Ltd has been appointed as the official registrar for the book-build issue.
The public issue is proposed for listing on the BSE and NSE exchanges. The most likely Indo-MIM IPO listing date is 30 July 2026.
HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, and SBI Capital Markets have been appointed lead managers of the upcoming IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
