- Price band
- ₹461 – ₹485
- Issue size
- ₹3,812 Cr
- Lot size
- 30 sh
- Bidding
- 23 – 27 Jul
- Grey market
- —
Face value ₹1.00
13% fresh capital
Lists 30 Jul 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Indo-MIM makes small precision components by metal injection molding and supplies them per part to OEMs in automotive, defence, medical, consumer and aerospace end markets, per the company's own description. Revenue from operations was Rs 2,870.40 Cr in FY24, Rs 3,329.58 Cr in FY25 and Rs 4,192.99 Cr in FY26, with profit after tax of Rs 283.73 Cr, Rs 423.73 Cr and Rs 533.54 Cr over the same three years. The Rs 3,812.11 Cr issue was Rs 3,311.33 Cr offer for sale and Rs 500.78 Cr fresh, or 86.86% and 13.14%, with promoter holding recorded at 92.94% before the issue and 77.65% after. The day-three subscription on record was 72.37 times overall — QIB 204.47 times, NII 50.65 times, retail 6.67 times. It listed at Rs 700 against a band top of Rs 485 and last traded at Rs 1,099.60 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Indo-MIM, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 13.1% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1996 · 45(P), KIADB Industrial Area, Hoskote, Bangalore 562114, Karnataka, India · 4,424 employees
Indo-MIM manufactures small, complex precision components using metal injection molding (MIM) and supplies them to original equipment manufacturers. It offers end-to-end work — mold design and tooling, molding, finishing and assembly — and also uses investment casting, precision machining, ceramic injection molding and metal 3D printing. Parts go into five end markets: automotive (vehicle safety, fuel systems, powertrain, interiors), defence (firearm triggers, hammers and sights), medical (components for endoscopy, laparoscopy, dental robotics and orthopedic devices), consumer (fashion accessories, cellphone components, tools and hardware) and aerospace (manifolds, precision housings, nozzles, locking rings, clevises and brackets). The company made over 9,000 types of products in Fiscal 2026 and served more than 1,100 customers. It operates 15 manufacturing facilities: six in India, six in the United States, two in the UK and one in Mexico.
Revenue is per-part sales to OEMs, and it is mostly export: revenue from operations was ₹4,192.99 crore in Fiscal 2026, of which 77.20% came from outside India, down from 89.92% in Fiscal 2025. Repeat customers produced 91.60% of Fiscal 2026 revenue and the top ten customers 38.41%. The cost base is materials plus labour: cost of materials consumed was 20.87% of revenue in Fiscal 2026 against 17.52% in Fiscal 2025, and employee benefit expense was ₹899.06 crore. EBITDA margin was 25.54% in Fiscal 2026 versus 28.01% in Fiscal 2025. The structural constraint is export dependence — the prospectus lists reliance on exports and US tariff policy among its risk factors.
The company on paper
- Legal name
- INDO-MIM Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 12 Apr 1996
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U28110KA1996PLC137499
- Sector
- Industrials · Precision engineered components made by metal injection molding
- Employees
- 4,424
- Registered office
- 45(P), KIADB Industrial Area, Hoskote, Bangalore 562114, Karnataka, India
- Promoters
- Green Meadows Investments Ltd, Krishna Chivukula, Krishna Chivukula Jr., Raj Chivukula, Jagadamba Chandrasekhar
- Promoter holding, pre-issue
- 92.9%
- Promoter holding, post-issue
- 77.7%
- Website
- indo-mim.com
The numbers
Financial performance
Revenue has compounded at 20.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
13% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹501 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹3,311 Cr
- Total issue size
- ₹3,812 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 15.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹485.00
- Listed at
- ₹700.00
- Listing gain
- up 44.3%
- Since listing
- up 67.4%
- Against the issue price
- up 141.6%
Trading at ₹1,171.60 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 30
- At cut-off price
- ₹485.00
- Amount blocked
- ₹14,550
One lot is 30 shares at ₹14,550. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~15%
chance of one lot, per application
- Retail subscription
- 6.67×
- Applicants per share available
- 6.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹700.00
listed at, 44.3% against the issue price
- Issue price
- ₹485.00
- Premium said
- —
- If allotted 30 shares
- ₹6,450
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit after tax rose in both year-on-year steps the record carries: Rs 283.73 Cr in FY24, Rs 423.73 Cr in FY25 (up 49.34%) and Rs 533.54 Cr in FY26 (up 25.92%), against revenue of Rs 2,870.40 Cr, Rs 3,329.58 Cr (up 16.00%) and Rs 4,192.99 Cr (up 25.93%). Net margin on those figures was 9.88%, 12.73% and 12.72%.
- Net worth rose in both steps on record, from Rs 2,050.51 Cr in FY24 to Rs 2,199.43 Cr in FY25 (up 7.26%) and Rs 2,819.55 Cr in FY26 (up 28.19%). Total borrowings over the same years were Rs 1,085.01 Cr, Rs 1,247.20 Cr and Rs 1,090.49 Cr, so borrowings against net worth stood at 0.53x, then 0.57x, then 0.39x.
- The company states that repeat customers produced 91.60% of Fiscal 2026 revenue, and describes more than 1,100 customers served and over 9,000 types of products made in Fiscal 2026.
- The company describes 15 manufacturing facilities — six in India, six in the United States, two in the UK and one in Mexico. The record puts headcount at 4,424 and incorporation at 12 April 1996.
What to weigh against it
- EBITDA margin was 25.90% in FY24 (Rs 743.46 Cr on Rs 2,870.40 Cr), 28.01% in FY25 (Rs 932.60 Cr on Rs 3,329.58 Cr) and 25.54% in FY26 (Rs 1,070.92 Cr on Rs 4,192.99 Cr) — 2.47 percentage points lower in the latest year than the year before. EBITDA grew 25.44% in FY25 and 14.83% in FY26, against revenue growth of 16.00% and 25.93%.
- The company reports cost of materials consumed at 20.87% of revenue in Fiscal 2026 against 17.52% in Fiscal 2025. Employee benefit expense was Rs 899.06 Cr in Fiscal 2026, which is 21.44% of the Rs 4,192.99 Cr revenue from operations.
- The company reports that 77.20% of Fiscal 2026 revenue came from outside India, down from 89.92% in Fiscal 2025, and states that the prospectus lists reliance on exports and US tariff policy among its risk factors.
- The company reports that the top ten customers accounted for 38.41% of Fiscal 2026 revenue.
Easy to miss in the prospectus
- The record carries no valuation section, no post-issue share count and no peer set, so no earnings multiple can be computed from it here.
- Subscription is recorded for day three only, and the record carries no anchor book and no offer objects.
- The price fields are a snapshot: Rs 700 at listing (44.33% above the Rs 485 band top), Rs 741.75 at the day-one close and Rs 1,099.60 as at 23 October 2026 (126.72% above the band top). The newest financial period on record is FY26, ended 31 March 2026.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- HDFC Bank Limited, Axis Capital Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Indo-MIM's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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