Indo-MIM IPO: The initial public offering (IPO) of precision engineering components manufacturer, Indo-MIM, is set to open for public subscription on Thursday, 23 July, and will remain open until Monday, 27 July. The book build issue, with a price band of ₹461 to ₹485 per share, combines a fresh issue and an offer for sale (OFS).
Ahead of the issue launch, the grey market appears to be upbeat about the stock, as the grey market premium (GMP) of Indo-MIM shares on Tuesday morning was ₹202, suggesting the stock could list at a nearly 42% premium over the issue price of ₹485.
As the issue is scheduled to conclude on Monday, share allotment is expected to be finalised on the next business day on Tuesday, 28 July. Indo-MIM shares will list on the NSE and the BSE on Thursday, 30 July.
Indo-MIM IPO: 10 things from RHP
Here are the 10 key things that investors should know about Indo-MIM IPO from the Red Herring Prospectus (RHP):
1. Indo-MIM IPO details
Indo-MIM IPO combines a fresh issue of about 1.03 crore shares to raise ₹500 crore and an OFS of 6,82,91,022 shares, aggregating to ₹3,312.1 crore.
Individual promoter Anuradha Koduri and corporate promoter Green Meadows Investments Limited are selling 5,459,000 and 60,524,322 shares, respectively, in the OFS. Moreover, the Indian Institute of Technology Madras is offloading 2,307,700 shares in the OFS.
2. Indo-MIM IPO book-running lead managers and registrar
HDFC Bank Limited, Axis Capital Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar of the Indo-MIM IPO.
3. Objects of Indo-MIM IPO
The company intends to use the net proceeds for the repayment or prepayment of all or certain outstanding borrowings. Some of the net proceeds will be used for general corporate purposes.
4. Indo-MIM promoters
Green Meadows Investments, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula and Jagadamba Chandrasekhar are the promoters of the company.
The company’s promoters currently hold an aggregate of 44,44,91,587 shares of face value of ₹1 each, aggregating to 91.81% of the pre-offer issued, subscribed and paid-up share capital of the company on a fully diluted basis.
5. Indo-MIM’s management
As on the date of RHP filing, the company’s board had eight directors, including two executive directors, six non-executive directors comprising four independent directors, of which three are women independent directors.
6. Indo-MIM’s business
Indo-MIM provides end-to-end solutions for the manufacture of precision engineering components using metal injection moulding technology.
The company operates 15 manufacturing facilities, of which six are located in India, six in the United States, two in the United Kingdom, and one in Mexico.
“Our capabilities include mould 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,” reads the RHP.
7. Indo-MIM’s financial performance
The company’s total revenue from operations was ₹2,870.4 crore in FY24, which increased to ₹3,329.6 crore in FY25 and to ₹4,193 crore in FY26. Its profit was ₹283.7 crore in FY24, ₹423.7 crore in FY25, and ₹533.5 crore in FY26.
As of 31 May 2026, the company’s outstanding borrowings, as per the RHP, aggregated to ₹1,212.35 crore.
8. MIM market
As per the RHP, the global metal injection moulding (MIM) market was estimated at $4.0 billion in 2025. Key contributors to the global revenue in order are China, the USA, India, Europe, Taiwan, and Japan.
The top 10 global MIM manufacturers hold the market share of 37%. Indo MIM 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 2025 and has held this position for the last six years, as per the RHP.
9. Concentration of customers a key risk
The company derives a significant portion of its revenue from its top 10 customers, who contributed 38.41%, 38.94%, and 42% of its revenue from operations in FY26, FY25, and FY24, respectively.
The loss of such customers or a significant reduction in demand for the company’s products from these customers could have an adverse effect on its business, financial condition, and cash flows.
10. The company operates in a highly competitive precision components industry
Indo-MIM operates in the highly competitive precision components industry. If it fails to compete effectively in the industry, it may impact its business, financial condition and prospects.
Moreover, the global manufacturing industry in general, and certain of its sectors in particular, tend to be cyclical or seasonal. A downturn or weakness in any particular sector, or in overall economic activity, could have an adverse effect on the company’s financial condition and operating results.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
