All IPOs

Indo-MIM

Mainboard · NSE listed
+44.33%
Listing gain
Price Band
₹461 – ₹485
Issue Size
₹3,812 Cr
1 lot at upper band
₹14,550
Lot Size
30
Open
23 Jul 2026
Close
27 Jul 2026
Allotment
—
Listing
30 Jul 2026

Scheduled dates

  1. Open
    23 Jul 2026
  2. Close
    27 Jul 2026
  3. Refund
    29 Jul 2026
  4. Demat credit
    29 Jul 2026
  5. Listing
    30 Jul 2026

Listing Performance

Listing Price
₹700
Listing Gain
+44.33%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹184 7 sessions

Subscription (times)

Latest per-category subscription · as of 27 Jul, 06:56 pm IST.

QIB 204.47x
NII 50.65x
BHNI 57.69x
SHNI 36.55x
RII 6.69x
Employee 9.31x
Total 72.37x

About Indo-MIM

The company provides end-to-end solutions for manufacturing precision engineering components using metal injection molding (MIM) technology, with capabilities including mold designing, tooling, finishing and assembly operations. With over 25 years of experience, the company is the largest manufacturer globally of precision engineering components using MIM technology, holding a 6.8% market share in Calendar Year 2025. The company operates 15 manufacturing facilities across India, United States, United Kingdom and Mexico, serving automotive, defence, medical, consumer, and aerospace sectors with over 9,000 types of products manufactured in Fiscal 2026.

www.indo-mim.com ↗

Strengths

  • 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

  • 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.

Objects of the Issue

  • Repayment/prepayment of outstanding borrowings
    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.
    400.00 crores
  • 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.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/20264320.70+28.1%533.54+25.9%4897.332819.551077.24
31/03/20253373.97+16.3%423.73+49.3%4140.842199.43506.27
31/03/20242900.38—283.73—3757.512050.51458.33
Units: crores

Issue Details

Face Value
₹1
P/E
46.40
ROCE
25.00%
Shares / Lot
30
Minimum Bid
30 shares
Refund
29 Jul 2026
Credit to Demat
29 Jul 2026
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
RHP ↗DRHP ↗

Management

Krishna ChivukulaMD
Krishna Chivukula Jr.CEO
Jagadamba ChandrasekharDirector
Raj ChivukulaDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.