Indo-MIM IPO targets ₹3,812 crore as top global MIM maker
Precision engineering firm Indo-MIM is launching a ₹3,812 crore public offering, drawing strong early demand that prices in a 42% listing premium for the world's largest metal injection moulding manufacturer.
Indo-MIM will open its initial public offering on Thursday, July 23, with shares priced between ₹461 and ₹485. The subscription window closes on Monday, July 27, with the stock expected to begin trading on the NSE and BSE on July 30. Ahead of the launch, the grey market premium stands at ₹202, indicating investors expect a roughly 42% premium on listing day.
The offering provides market access to the world's largest manufacturer of precision engineering components using metal injection moulding (MIM) technology. Indo-MIM holds a 6.8% share of the estimated $4.0 billion global MIM market, a top position it has maintained for six consecutive years. "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.
The company operates 15 manufacturing facilities spread across India, the United States, the United Kingdom, and Mexico. This geographically diversified footprint has driven rapid revenue expansion, with sales growing from ₹2,870.4 crore in the fiscal year 2024 to ₹4,193 crore in FY26. Profit followed a similar upward trajectory, nearly doubling from ₹283.7 crore to ₹533.5 crore over the same three-year period.
The book-built issue combines a fresh issue of ₹500 crore with an offer for sale of ₹3,312.1 crore. Promoters Green Meadows Investments and Anuradha Koduri are offloading shares in the offer for sale, alongside the Indian Institute of Technology Madras. Indo-MIM intends to use the net proceeds from the fresh issue primarily to repay outstanding borrowings, which totalled ₹1,212.35 crore as of late May.
Market participants will need to weigh this consistent growth against notable client concentration risks. Indo-MIM relies on its top ten customers for roughly 38% to 42% of its total revenue, leaving the business highly exposed to a few key accounts. The prospectus warns that the loss of a major client, broader competitive pressures, or a cyclical downturn in global manufacturing could significantly impact the company's financial condition. HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, and SBI Capital Markets are managing the offering.
