Indo-MIM Limited IPO Overview
Founded in 1996 and headquartered in Bengaluru, Karnataka, Indo-MIM Limited is a global leader in precision engineering components manufactured using Metal Injection Molding (MIM) technology. The company provides end-to-end solutions including mold designing, tooling, finishing, and assembly operations. With over 25 years of experience in the MIM industry, Indo-MIM is the world’s largest manufacturer of precision engineering components using MIM technology, holding a 6.8% global market share in Calendar Year 2025 — a position it has held for the last six years. The company also offers investment casting, precision machining, ceramic injection molding, and 3D metal printing services. It serves over 1,100 customers globally across the automotive, defence, medical, consumer, and aerospace sectors, with international markets contributing 77.2% of revenue in FY26.
The company is now launching its mainboard IPO on BSE and NSE, one of the biggest public issues in the Indian primary market in July 2026. The total issue size is ₹3,811.21 crore, comprising a fresh issue of ₹499.10 crore and an Offer for Sale of ₹3,312.11 crore by existing shareholders. The IPO is priced at ₹461 to ₹485 per share with a lot size of 30 shares, making the minimum retail investment ₹14,550. The IPO opens on 23 July 2026 and closes on 27 July 2026, with listing expected on 30 July 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 22 July 2026 |
| IPO Open Date | 23 July 2026 |
| IPO Close Date | 27 July 2026 |
| Allotment Date | 28 July 2026 (Expected) |
| Refund Initiation | 29 July 2026 |
| Credit to Demat | 29 July 2026 |
| Listing Date | 30 July 2026 (Tentative) |
| Price Band | ₹461 – ₹485 per share |
| Face Value | ₹1 per share |
| Lot Size | 30 shares |
| Minimum Investment (Retail) | ₹14,550 (1 lot = 30 shares) |
| Maximum Investment (Retail) | ₹1,89,150 (13 lots = 390 shares) |
| Minimum Investment (sNII) | ₹2,03,700 (14 lots = 420 shares) |
| Minimum Investment (bNII) | ₹10,03,950 (69 lots = 2,070 shares) |
| Total Issue Size | ₹3,811.21 crore (7,86,00,300 shares) |
| Fresh Issue | 1,03,09,278 shares (₹499.10 crore) |
| Offer For Sale (OFS) | 6,82,91,022 shares (₹3,312.11 crore) |
| Post-Issue Market Cap | ~₹23,981 crore (at upper price band) |
Note: The OFS component constitutes ~87% of the total issue size. The company will receive only the fresh issue proceeds of ₹499.10 crore.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS component of ₹3,312.11 crore represents approximately 87% of the total issue. The selling shareholders include:
- Green Meadows Investments Ltd. — Promoter entity
- Krishna Chivukula Jr. — Promoter
- Raj Chivukula — Promoter group
- Jagadamba Chandrasekhar — Promoter group
- Anuradha Koduri — Existing shareholder
- John Anthony Dexheimer — Existing shareholder
- Indian Institute of Technology Madras (IIT Madras) — Institutional shareholder
All OFS proceeds will go directly to the above selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company will receive only the fresh issue proceeds of ₹499.10 crore. The planned utilization is as follows:
- Repayment / prepayment of outstanding borrowings — ₹400 crore
- General corporate purposes — remaining proceeds
As of May 2026, the company’s consolidated outstanding borrowings stood at ₹1,212.3 crore. The debt repayment of ₹400 crore is expected to reduce interest expenses and strengthen the balance sheet going forward.
Lead Managers & Registrar
- Book Running Lead Managers: HDFC Bank Limited, Axis Capital Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
- Phone: 022-49186000
- Email: [email protected]
- Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Promoters & Management
The promoters of the company are:
- Green Meadows Investments Ltd. — Promoter entity
- Mr. Krishna Chivukula — Founder & Managing Director
- Mr. Krishna Chivukula Jr. — Promoter
- Mr. Raj Chivukula — Promoter group
- Ms. Jagadamba Chandrasekhar — Promoter group
The promoters collectively held approximately 93.34% of the company before the IPO. The company is led by Mr. Krishna Chivukula and an experienced board with strong internal controls, governance committees for audit, CSR, nomination/remuneration, and risk management. As of March 31, 2026, the company had to its credit 608 tool developments.
Company Details
Indo-MIM Limited is a global precision engineering company that manufactures high-precision components using Metal Injection Molding (MIM) technology — a process that enables the production of intricate shapes while maintaining high strength and dimensional accuracy. The technology is particularly suited where conventional machining may be expensive, time-consuming, or inefficient. The company offers end-to-end solutions spanning mold design, tooling, finishing, and assembly. It also provides services in investment casting, precision machining, ceramic injection molding, and 3D metal printing.
Sectors Served:
- Automotive
- Defence & Aerospace
- Medical Devices
- Consumer Electronics
- Industrial Machinery
Key Capabilities:
- World’s largest MIM manufacturer with 6.8% global revenue market share (CY2025)
- Multi-material molding, rapid execution, and supply chain resilience
- 608 tool developments as of March 31, 2026
- 9,000+ product types across customer categories
- Global sales offices in China, Germany, and the United States; 13 sales representatives across Czech Republic, France, Italy, Japan, South Korea, Israel, Poland, and Turkey
Manufacturing Facilities:
- 15 manufacturing facilities across India, United States, United Kingdom, and Mexico
- Registered office: 45(P), KIADB Industrial Area, Hoskote, Bangalore Urban, Karnataka – 562114
Certifications / Notable Recognitions:
- Internationally certified across automotive, aerospace, medical, and defence quality standards
- Active CSR programs in education, healthcare, rural development, and hunger eradication — over ₹67 crore invested over the past decade
- No directly comparable listed peer in India; global comparable: Jiangsu Gian Technology Co. Ltd (Shenzhen Stock Exchange, China)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹3,373.97 | ₹423.73 |
| FY26 | ₹4,320.70 | ₹533.54 |
Key Financial Metrics
- Revenue grew ~28% YoY from FY25 to FY26; PAT grew ~26% YoY over the same period.
- Outstanding borrowings as of May 2026: ₹1,212.3 crore (to be partially repaid using fresh issue proceeds)
- Post-issue P/E at upper price band: ~45x — considered a premium valuation
- Global MIM market estimated at $3.7 billion in 2024, projected to reach $5.6 billion by 2029 at 8.5% CAGR
- International markets contribute 77.2% of total revenue in FY26 — strong export orientation
Company Strengths
- World’s largest MIM manufacturer with a dominant 6.8% global market share held consistently for six years — no comparable listed peer in India
- Strong and consistent financial performance — revenue and PAT both grew ~26–28% YoY in FY26
- Diversified global manufacturing footprint with 15 facilities across India, USA, UK, and Mexico
- Once a supplier is approved and integrated into a customer’s production process, relationships become long-term — creating strong entry barriers for new competitors
- Fresh issue proceeds of ₹400 crore to be used entirely for debt repayment — expected to reduce interest costs and strengthen the balance sheet
- Diversified into investment casting, precision machining, ceramic injection molding, and 3D metal printing — reducing dependence on a single technology
- Strong institutional credibility — IIT Madras is a shareholder; company backed by long operating history since 1996
Key Risks & Challenges
- Large OFS component: ~87% of the total IPO (₹3,312.11 crore) is an Offer for Sale — the bulk of proceeds go to selling shareholders, not the company.
- Aggressive valuation: Post-issue P/E of ~45x at the upper price band is on the higher side; investors need to assess whether growth trajectory justifies this premium.
- No long-term contracts: Business largely relies on purchase orders rather than long-term supply agreements, making revenues potentially less predictable.
- Dependence on imported raw materials: Raw material procurement has an import component, exposing the company to forex fluctuation and supply chain risks.
- High debt levels: Consolidated outstanding borrowings stood at ₹1,212.3 crore as of May 2026 — even after repayment of ₹400 crore, significant debt remains.
- Lengthy customer qualification cycles: Automotive, aerospace, defence, and medical customers have strict approval processes, making new customer acquisition time-consuming and capital-intensive.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
