Exim Routes IPO

About Exim Routes IPO

The IPO of Exim Routes comprises a fresh issue of up to 49,69,000 equity shares. There’s no offer for sale in this IPO, which is a 100% book-built issue. The price band is ₹83 to ₹88 per share.

Exim Routes IPO opens on December 12, 2025 and closes on December 16, 2025. The allotment of shares will take place on December 17, 2025. The credit of shares to the Demat account will take place on December 18, 2025. The initiation of refunds will take place on December 18, 2025. The listing of shares will take place on December 19, 2025.

The lot size of shares in the IPO is 1600. The minimum number of lots in the IPO for retail investors is 2. The minimum investment amount required by a retail investor is ₹2,81,600 (3200 shares) based on the upper price.

Exim Routes operates as a global platform dedicated to facilitating the exchange of recyclable paper product materials, providing end-to-end services to Indian paper mills, ranging from sourcing/procurement of waste paper to quality assurance and logistics wastepaper to mills. To enable these operations, it has developed the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform, designed to perform its primary functions.

Objectives of Exim Routes IPO

The company proposes to utilise the IPO proceeds to meet expenses for:

• Development and maintenance of the ERIS platform
• Working capital to fund business growth
• Investment in office space to accommodate new hires
• General corporate purposes

Industry Outlook

The Indian paper recycling industry is witnessing steady growth, with paper consumption registering a CAGR of 6% over the past decade, double the global average. The Indian paper recycling industry is poised for steady growth, with material consumption rising 16 million tonnes in FY 2023, driven by rising domestic demand, growing manufacturing, and increased use of paper-based packaging in organised retail and e-commerce.

The demand for recycled paper is growing rapidly due to sustainability trends and the rising cost of virgin fibre. While the newsprint and writing-printing paper segments are facing challenges due to digitalization and supply disruptions, the overall industry has rebounded strongly post-2020. Paper production (excluding newsprint) grew by 12.5% year-on-year in January 2023 and recorded a 6.7% growth during April 2022 - January 2023.

India has been making significant strides in developing a circular economy through robust policies, regulations, and sustainability initiatives. The government has introduced measures to promote waste management, resource efficiency, and recycling across various industries. The following sections provide an in-depth look at the key regulatory aspects shaping the recycling industry in India.

Exim Routes Company Information

Exim Routes operates as a global platform dedicated to facilitating the exchange of recyclable paper product materials, providing end-to-end services to Indian paper mills (“Mills”), ranging from sourcing/procurement of wastepaper to quality assurance and logistics wastepaper to mills. To enable these operations, the company has developed the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform.

Strengths of Exim Routes

• Designing and execution capabilities
• Experienced management team and a motivated and efficient work force
• Proprietary digital platform
• Quality assurance and control

Risks of Exim Routes

• Failure to upgrade or adapt changes may render existing Exim Routes Intelligence System (“ERIS”) technology obsolete
• Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may impact business operations
• Inability or failure to manage and attract more clients in this segment could adversely affect business
• Demand for recyclable paper is cyclical and influenced by market trends and economic conditions
• Business is subject to risks relating to high trade receivables, which may adversely affect cash flows

Peer Comparison

Exim Routes believes that there are no comparable listed peers of the company and therefore information related to peers is not provided.

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on December 11, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Maashitla Securities
• Book Running Lead Manager: Narnolia Financial Services

Business Model

Exim’s paper recyclables business enables structured cross-border procurement and resale of recycled fibre through direct and high seas models. Second, it licenses the ERIS platform to a select group of suppliers and mills.

Third, Exim provides logistics and container handling services to select customers in India. These services cover freight booking, documentation handling and customs coordination on an ad-hoc basis. Finally, Exim offers management and consultancy services to its foreign subsidiaries and key supplier partners. These services span operational planning, regulatory compliance support, and market trend reporting to improve partner alignment and readiness in a fast-changing trade environment.

Exim Routes Growth Trajectory

The revenue from operations of Exim Routes grew from ₹36.4458 crores in FY 23 to ₹120.6699 crores in FY 25, while EBITDA margin grew from 1.75% in FY 23 to 8.24% in FY 25. Designing and execution capabilities coupled with an experienced management team has helped the company grow over the years.

Exim Routes Market Position

Exim Routes operates through a group structured framework comprising the Indian parent entity, Exim Routes, and a network of foreign subsidiaries. Sourcing and international logistics of the waste paper are undertaken by its subsidiaries including Exim Routes Inc., incorporated in the United States of America; Exim Routes Pte, incorporated in Singapore; Exim Routes (UK)., incorporated in the United Kingdom; Good Earth SCM GmbH, incorporated in Germany and Exim Routes (SA) Pty, incorporated in South Africa.

How to Apply for the Exim Routes IPO?

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.