Indo-MIM IPO

About INDO-MIM IPO

The INDO-MIM IPO, a mainboard IPO, opens on Thursday, July 23, 2026 and closes on Monday, July 27, 2026. The allotment of shares will take place on Tuesday, July 28, 2026. The credit of shares to the demat account will take place on Wednesday, July 29, 2026. The initiation of refunds will take place on Wednesday, July 29, 2026. The listing of shares will take place on Thursday, July 30, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue comprises 10,309,278 shares aggregating up to ₹499 crores. The offer for sale comprises 68,291,022 shares of face value ₹1 each, aggregating up to ₹3,311 crores. The total issue consists of 78,600,300 shares aggregating up to ₹3,811 crores.

INDO-MIM Limited IPO's price band is set at ₹461 to ₹485 per share. The lot size for an application is 30 shares. The minimum amount of investment required by a retail investor is ₹14,550 (30 shares) (based on the upper price band). The minimum investment required by an sNII investor is 14 lots (420 shares) amounting to ₹2,03,700. INDO-MIM provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology, with capabilities spanning mold designing, tooling, finishing, and assembly.

Objectives of INDO-MIM IPO

• Repayment or prepayment, in full or in part, of all or certain outstanding borrowings availed by the Company.
  
• General corporate purposes.
  

Industry Outlook

Metal injection molding combines powder metallurgy with plastic injection molding to produce small, complex, high-strength metal components at scale. The global MIM market stood at an estimated USD 4.0 billion in Calendar Year 2025. Frost & Sullivan projects it will reach USD 6.2 billion by calendar year 2030, a compound annual growth rate of 9.2% over the period, with demand led by the automotive, aerospace, defence, and medical segments.

Growth is uneven across regions. North America is forecast to expand from USD 992 million in 2025 to USD 1,612 million by 2030, a 10.2% CAGR, while Europe moves from USD 860 million to USD 1,271 million at 8.1%. China remains the single largest market at USD 1,580 million in 2025, rising to USD 2,356 million by 2030. India is projected to grow at 10.3% between Calendar Years 2025 and 2030, the fastest rate among the major national markets tracked in the F&S Report.

Sector demand drives the numbers. MIM demand from aerospace is expected to grow at 9.2% between 2025 and 2030, from automotive at 9.0%, and from defence at 8.8%. MIM currently accounts for under 1% of total automotive parts by count but roughly 5% to 10% of high-strength precision small components in engines, gearboxes, turbochargers, and locking systems. INDO-MIM held a 6.8% share of global MIM revenue in Calendar Year 2025 and operates the world's largest installed MIM capacity as of March 31, 2026.

About INDO-MIM

INDO-MIM manufactures precision engineering components using metal injection molding, investment casting, precision machining, ceramic injection molding, and metal 3D printing. Five product groups make up the portfolio. The Automotive Products Group supplies components for vehicle safety, fuel systems, powertrains, and interior applications; the Defence Products Group makes firearm components including triggers, hammers, and sights; and the Medical Products Group produces parts for endoscopy, laparoscopy, dental robotics, and orthopedic devices. The Consumer Products Group covers fashion accessories, crossbow parts, cellphone components, tools, and hardware, while the Aerospace Products Group manufactures manifolds, precision housings, adaptors, nozzles, and brackets for original equipment manufacturers.

The Company operates 15 manufacturing facilities. Six sit in India across Karnataka, Tamil Nadu, and Andhra Pradesh, six in the United States, two in the United Kingdom, and one in Mexico. This dual-shore footprint lets the Company serve customers that require domestic manufacturing while offering supply chain redundancy to those that do not.

Strengths of INDO-MIM

• Global leadership in manufacturing precision engineering components using MIM technology.
• Long-standing relationships with Indian and global OEM customers.
• Diversified product portfolio catering to applications across multiple industries.
• Backward integrated, dual-shore manufacturing capabilities with focus on efficiency.
• Export driven player with extensive global distribution capability.
• Experienced promoters and management team supported by large employee base.

Risks of INDO-MIM

• The top 10 customers contributed 38.41% of revenue from operations in Fiscal 2026, so the loss of any one of them would remove a substantial block of sales.
• Customers outside India accounted for 77.20% of revenue from operations in Fiscal 2026, leaving earnings exposed to economic slowdowns, tariffs, and trade restrictions in North America and Europe.
• Customers place orders on a purchase-order basis without binding volume or duration commitments, so demand can be cancelled, reduced, or deferred without compensation.
• Imported raw materials made up 60.95% of total raw material purchases in Fiscal 2026, so import restrictions or commodity price swings would raise input costs directly.
• All six Indian manufacturing facilities are concentrated in Karnataka, Tamil Nadu, and Andhra Pradesh, so a regional disruption could halt a large share of production at once.
• Cost of materials consumed rose to 20.87% of revenue from operations in Fiscal 2026 from 17.52% in Fiscal 2025, and continued pricing pressure from customers would compress margins further.

Source: (1) Data is for Calendar year 2025; Source: Annual Report; 1 CNY = ₹13.95.
(2) Source is Eikon accessed on July 14, 2026 & Annual Report; Price is CNY 41.44
(3) Source for industry peer information included above is the annual report of Jiangsu Gian Technology Co. Ltd for calendar year 2025, 2024, and 2023.

Anchor Investor Bidding Date: Wednesday, July 22, 2026

IPO Registrar
MUFG Intime India Private
Email: indomim.ipo@in.mpms.mufg.com
Tel: +91 81 0811 4949

Book Running Lead Managers

• HDFC Bank Limited
  
• Axis Capital Limited
  
• ICICI Securities Limited
  
• Kotak Mahindra Capital Company Limited
  
• SBI Capital Markets Limited
  

INDO-MIM Contact Details
45(P), KIADB Industrial Area, Hoskote, Bangalore 562 114, Karnataka, India.
Email: santosh.d@indomim.com
Phone: +91 81 2347 9565

INDO-MIM Business Model

The company generates revenue by manufacturing and supplying precision engineering components using technologies such as metal injection molding, investment casting, precision machining, ceramic injection molding, and metal 3D printing to OEMs across the automotive, defence, medical, consumer, and aerospace sectors. Orders are received on a purchase-order basis, and the need for dedicated tooling and validation results in high repeat business. In Fiscal 2026, repeat customers contributed ₹3,840.62 crores, accounting for 91.60% of revenue from operations, while new customers contributed ₹352.37 crores. The supplier onboarding process typically takes two to three years, creating high switching costs for customers.

INDO-MIM Growth Trajectory

INDO-MIM Limited's Total Income for FY26 was ₹4,320.70 crores, whereas in FY25 and FY24 it was ₹3,373.97 crores and ₹2,900.38 crores, respectively.

The Profit After Tax for FY26 was ₹533.54 crores, whereas in FY25 and FY24 it was ₹423.73 crores and ₹283.73 crores, respectively.

Their EBITDA for FY26 was ₹1,070.92 crores, whereas in FY25 and FY24 it was ₹932.60 crores and ₹743.46 crores, respectively.

INDO-MIM Market Position

INDO-MIM's distribution runs through three sales offices in China, Germany, and the United States, supported by 13 sales representatives in the Czech Republic, France, Italy, Japan, South Korea, Singapore, Israel, Poland, and Turkey. Revenue by geography in Fiscal 2026 was ₹1,831.65 crores from North America, ₹956.01 crores from India, ₹837.29 crores from Europe, ₹456.86 crores from the rest of the world, and ₹111.18 crores from South East Asia.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹4,320.70 crores, ₹533.54 crores, and ₹1,070.92 crores, respectively.

How to apply for INDO-MIM IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.