IPO closes on 27 Jul'26
Indo-MIM Limited
Minimum Investment
₹ 14,550 / 30 shares
Our Verdict:
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Global Leader in Metal Injection Moulding with Diversified End-Markets and Strong Growth Visibility
- Indo-MIM Ltd. is one of the world's largest manufacturers of Metal Injection Moulding (MIM) precision-engineered components. The company serves a diversified customer base across firearms, automotive, aerospace, medical devices, industrial engineering and consumer electronics, supplying high-precision components to global OEMs. Its advanced manufacturing capabilities and technological expertise have enabled it to establish a strong leadership position in the global MIM industry.
- The company has consistently delivered strong financial performance, supported by increasing export demand, product diversification and operational efficiencies. Revenue increased to ₹4,320.7 crore in FY26, while PAT grew to ₹533.5 crore, reflecting healthy operating leverage and robust profitability. Its diversified end-user exposure reduces dependence on any single industry and provides resilience across business cycles.
- At the upper price band of ₹485, the IPO is valued at reasonable multiples considering the company's global market position, technology leadership and long-term growth prospects. The IPO comprises a ₹499 crore Fresh Issue and ₹3,311 crore Offer for Sale, with fresh issue proceeds primarily proposed to be utilized towards debt repayment, strengthening the balance sheet and reducing finance costs.
- The global precision engineering industry continues to benefit from increasing demand for lightweight, high-precision and complex metal components across automotive electrification, medical devices, aerospace and defence applications. With its vertically integrated manufacturing capabilities, diversified customer base and continuous investment in technology, Indo-MIM is well positioned to capitalize on these long-term structural growth opportunities.
- Recommendation: We recommend SUBSCRIBE to the IPO with a long-term investment horizon, supported by the company's global leadership in Metal Injection Moulding, diversified end-market exposure, strong export franchise, healthy financial performance and favourable long-term outlook for precision engineering components.
About the company
Founded in
12 Apr'96
Managing director
Krishna Chivukula
- Indo-MIM Ltd. is a globally recognized precision engineering company specializing in Metal Injection Moulding (MIM) technology. The company designs, develops and manufactures highly engineered precision metal components used across firearms, aerospace, automotive, healthcare, industrial engineering and consumer applications. Its vertically integrated manufacturing process spans feedstock preparation, tooling, moulding, debinding, sintering, machining, finishing and assembly, enabling stringent quality control and operational efficiency.
- The company has established a strong global manufacturing footprint and exports a significant proportion of its production to international markets. Its technological capabilities, customer relationships and diversified product portfolio have enabled it to become one of the world's leading MIM component manufacturers.
STRENGTHS
- One of the world's largest Metal Injection Moulding (MIM) component manufacturers.
- Diversified end-market exposure across automotive, aerospace, defence, medical and industrial sectors.
- Strong export-oriented business with established relationships with global OEMs.
- Vertically integrated manufacturing process ensuring quality and cost competitiveness.
- Advanced engineering capabilities with high barriers to entry.
- Healthy financial growth supported by strong operating margins.
- Continuous investment in technology, automation and product development.
- IPO proceeds to strengthen the balance sheet through debt repayment.
RISK FACTORS
- Export-oriented business exposes the company to global economic slowdown and geopolitical risks.
- Revenue remains dependent on demand from cyclical industries such as automotive and industrial engineering.
- Foreign exchange fluctuations may impact profitability.
- Precision engineering industry requires continuous investment in technology and product development.
- Customer concentration among large global OEMs could impact revenue if key relationships weaken.
- Increasing competition from international precision component manufacturers may exert pricing pressure.
- A significant portion of the IPO comprises an Offer for Sale, with selling shareholders monetizing part of their holdings.
Financials
All Values are in Cr.
Issue details
Issue type
Mainstream
Issue size
₹ 3811.21
Fresh Issue
₹ 499.1 Cr
OFS
₹ 3311.21
Price range
₹ 461 - 485
Lot size
30 shares
Issue Objective
The net proceeds from the Fresh Issue are proposed to be utilized towards:
- Repayment/prepayment of certain outstanding borrowings.
- General corporate purposes.
The proceeds from the Offer for Sale will accrue to the selling shareholders.
Dates
Bidding open
23 Jul'26
Bidding close
27 Jul'26
Allotment date
28 Jul'26
Refund date
29 Jul'26
Listing
30 Jul'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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