Indo-MIM IPO is a book-built public issue worth ₹3,811.21 crore. The IPO consists of a fresh issue of 1.03 crore shares valued at ₹499.10 crore and an offer for sale (OFS) of 6.83 crore shares worth ₹3,311.21 crore.
The public issue will open for subscription on July 23, 2026, and close on July 27, 2026. Share allotment is likely to be finalised on July 28, while the company is expected to list on the NSE and BSE on July 30, 2026.
The price band has been fixed at ₹461 to ₹485 per share, with a minimum application size of 30 shares, requiring a retail investment of ₹14,550 at the upper price band. HDFC Bank is the book-running lead manager, while MUFG Intime India is the registrar to the issue.
Company Overview
Indo-MIM Limited is a global precision engineering company specialising in the manufacture of complex metal components using Metal Injection Moulding (MIM) technology. With more than 25 years of industry experience, the company is the world’s largest MIM manufacturer by revenue, holding a 6.8% global market share in CY2025, according to the F&S Report.
Beyond MIM, it also offers solutions using investment casting, precision machining, ceramic injection moulding and metal 3D printing. The company serves a diverse range of industries, including automotive, defence, medical, aerospace and consumer products, and manufactured over 9,000 product variants in FY26.
Indo-MIM operates 15 manufacturing facilities across India, the US, the UK and Mexico, supported by global sales offices and an export-focused business model. As of March 31, 2026, it served more than 1,100 customers worldwide, with repeat customers contributing over 91% of its revenue, reflecting strong customer relationships and consistent product quality.
Industry Context
- The global Metal Injection Moulding (MIM) market was valued at approximately USD 4 billion in 2025 and is projected to reach USD 6.2 billion by 2030, driven by rising demand for lightweight, high-precision and complex metal components across industries.
- The automotive sector is the largest end-user of MIM products, benefiting from the growing adoption of electric vehicles. Frost & Sullivan estimates MIM demand from the automotive industry will grow at a 9.0% CAGR during CY2025-2030.
- Demand for MIM components is increasing in the medical and aerospace sectors, where manufacturers require highly precise, corrosion-resistant and lightweight parts. Frost & Sullivan expects MIM demand to grow at 11.6% CAGR in medical and 9.2% CAGR in aerospace through 2030.
- The consumer electronics industry continues to support MIM adoption as manufacturers seek compact, durable and high-precision components for smartphones, laptops, wearables and other devices. Frost & Sullivan forecasts 8.2% CAGR growth in MIM demand from this segment during CY2025-2030.
- The defence industry is emerging as a key growth area for MIM technology due to its ability to produce durable, lightweight and high-performance components. Frost & Sullivan expects MIM demand from defence applications to expand at a 8.8% CAGR between CY2025 and 2030.
Business Strengths
- Indo-MIM is one of the world’s largest manufacturers of precision engineering components using Metal Injection Moulding (MIM) technology, holding a 6.8% global market share in CY2025. It offers end-to-end manufacturing solutions, more than 80 alloy options, and develops 45-50 new tools every month.
- The company serves a diversified customer base across the automotive, defence, medical, aerospace and consumer industries, manufacturing specialised components that reduce reliance on any single sector while strengthening its position across multiple end markets.
- Indo-MIM operates 15 manufacturing facilities across India, the US, the UK and Mexico. In FY26, it supplied products to customers in 55 countries, with international business contributing 77.2% of its revenue from operations.
- The company has built long-term relationships with several Indian and global OEMs and has earned supplier excellence awards from leading companies such as Cummins, Bosch, Schaeffler, RTX, Caterpillar and Hero Motors, highlighting its focus on quality and innovation.
- Backed by experienced leadership with over 30 years of industry expertise, Indo-MIM has delivered consistent financial growth. In FY26, revenue from operations rose 25.9% year-on-year, while ROE improved to 21.26% and ROCE increased to 26.60%.
Business Risks
- The company derives a significant share of its business from a limited customer base. Its top 10 customers contributed 38.41% of revenue in FY26, making earnings vulnerable to lower orders or the loss of key customers.
- Indo-MIM has a strong export focus, with 77.2% of its FY26 revenue generated from international markets. Any slowdown in global demand, trade restrictions, regulatory changes or delays in obtaining overseas certifications could impact business performance.
- The company primarily operates on purchase orders rather than long-term contracts, limiting revenue visibility. Customers can modify, postpone or cancel orders, which may affect production planning and financial performance.
- The company relies heavily on imported raw materials, with around 61% of purchases sourced from overseas in FY26. Supply chain disruptions, geopolitical tensions, import restrictions or fluctuations in commodity prices and foreign exchange rates could increase costs.
- Indo-MIM’s operations depend on its 15 manufacturing facilities, including six plants in South India. Any disruption due to equipment failure, natural disasters, labour issues or regional disruptions could adversely affect production, deliveries and overall business operations.
Financial Performance
Indo-MIM Limited – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 41,929.85 | 33,295.77 | 28,703.95 |
| Net Worth | 28,195.54 | 21,994.34 | 20,505.11 |
| EBITDA | 10,709.23 | 9,325.97 | 7,434.62 |
| Profit After Tax | 5,335.43 | 4,237.34 | 2,837.34 |
| Return on Equity (in %) | 21.26 | 19.94 | 14.01 |
| Return on Capital Employed (in %) | 26.60 | 23.51 | 19.59 |
| Debt to total net worth | 0.39 | 0.57 | 0.53 |
(Source: RHP)
Key Ratios & Metrics
| Key Performance Indicator (KPI) | FY26 (Mar 31, 2026) | FY25 (Mar 31, 2025) |
|---|---|---|
| Return on Equity (ROE) | 21.26% | 19.94% |
| Return on Capital Employed (ROCE) | 26.60% | 23.51% |
| Debt-to-Equity Ratio | 0.39 | 0.57 |
| Return on Net Worth (RoNW) | 21.26% | 19.94% |
| PAT Margin | 12.72% | 12.73% |
| EBITDA Margin | 25.54% | 28.01% |
(Source: RHP)
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 23 – 27 July, 2026 |
| Allotment | Tuesday, July 28, 2026 |
| Listing Date | Thursday, July 30, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹461 to ₹485 per share |
| Lot Size | 30 Shares |
| Issue Type | Book Building IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 7,86,00,300 shares (agg. up to ₹3,811 Cr) |
| Fresh Issue | 1,03,09,278 shares (agg. up to ₹499 Cr) |
| Offer for Sale(OFS) | 6,82,91,022 shares of ₹1 (agg. up to ₹3,311 Cr) |
| Shareholding Pre-Issue | 48,41,53,072 shares |
| Shareholding Post-Issue | 49,44,62,350 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Objects of the Offer
The company proposes to utilise the net proceeds from the fresh issue towards the following objects:
- A significant portion of the net proceeds from the fresh issue of ₹499.10 crore will be used to repay or prepay, either fully or partially, the company’s outstanding borrowings.
- The remaining funds will be utilised for general corporate purposes, supporting the company’s operational and strategic business requirements.
- The ₹3,311.21 crore Offer for Sale proceeds will go directly to the selling shareholders. Indo-MIM will receive funds only from the fresh issue, after deducting issue-related expenses.
Conclusion
Indo-MIM Limited has established itself as a global leader in Metal Injection Moulding (MIM) with a diversified product portfolio, a strong international footprint and long-standing relationships with leading OEMs. The company has delivered consistent revenue growth and healthy profitability while benefiting from rising demand for precision engineering components across automotive, aerospace, medical, defence and consumer industries.
However, investors should also consider risks such as its dependence on export markets, customer concentration and imported raw materials. Before investing, it is important to carefully review the Red Herring Prospectus (RHP), evaluate the company’s financial performance, growth prospects and valuation, and assess whether the IPO aligns with your investment objectives and risk appetite.
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