Indo-MIM IPO GMP at 39%: Issue subscribed over 11x so far on Day 3. Should you apply?

Indo-MIM Ltd.'s Rs 3,811.21-crore initial public offering (IPO) has attracted robust investor demand on the third and final day of bidding on Monday, with the issue subscribed more than 11 times as of the latest update. The strong momentum has been led by Non-Institutional Investors (NIIs), whose quota was booked 32.44 times, while the retail investor portion was subscribed 4.31 times.

Adding to the optimism, the company's shares are commanding a grey market premium (GMP) of around Rs 190, implying a potential listing gain of nearly 39% over the upper end of the IPO price band. With healthy subscription numbers and a strong grey market trend, investors are now weighing whether Indo-MIM IPO remains an attractive bet before the issue closes.

The Rs 3,811.21-crore IPO comprises a fresh issue of 1.03 crore equity shares worth Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares aggregating Rs 3,311.21 crore by existing shareholders.

Indo-MIM IPO GMP Today

Indo-MIM IPO is witnessing strong traction in the grey market, signaling upbeat investor sentiment ahead of its listing. The Grey Market Premium (GMP) has climbed to Rs 190, indicating a potential listing gain of nearly 39% over the IPO's upper price band of Rs 485 per share.

If the current grey market trend sustains and broader market conditions remain supportive, Indo-MIM shares could debut at around Rs 675 apiece. While the GMP reflects positive market expectations, investors should note that it is an unofficial indicator and not a guarantee of listing-day performance.

Disclaimer: The Grey Market Premium (GMP) is based on unofficial market activity and speculative demand. It should not be considered a reliable indicator of the IPO's listing price or the company's future stock performance.

Indo-MIM IPO Subscription Status

Indo-MIM IPO continued to attract robust investor interest on Day 3, with the issue subscribed 11.22 times as of 12:35 PM against the 5.50 crore shares on offer.

Retail Individual Investors (RIIs): Subscribed 4.31 times against the 2.74 crore shares reserved.

Non-Institutional Investors (NIIs): Subscribed 32.44 times against the 1.17 crore shares allocated, emerging as the biggest driver of demand.

Qualified Institutional Buyers (QIBs): Subscribed 6.50 times against the 1.56 crore shares reserved.

Indo-MIM IPO Details

Indo-MIM's Rs 3,811.21-crore IPO comprises a fresh issue of equity shares worth Rs 499.10 crore and an Offer for Sale (OFS) of Rs 3,311.21 crore by existing shareholders.

The IPO has been priced in the Rs 461-485 per share band. Investors can apply for a minimum lot size of 30 shares, requiring a minimum investment of Rs 14,550 at the upper end of the price band.

The basis of allotment is expected to be finalized on July 28, 2026, while the company's shares are likely to be listed on the BSE and NSE on July 30, 2026, subject to the successful completion of the issue.

The public issue is being managed by HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets as the book-running lead managers, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.

Indo-MIM IPO: How Will the Company Use the IPO Proceeds?

From the Rs 499.10 crore to be raised through the fresh issue, Rs 400 crore will be utilized to repay or prepay, either fully or partially, certain outstanding borrowings. The remaining funds will be allocated toward general corporate purposes, strengthening the company's balance sheet and supporting its business operations.

About Indo-MIM

Founded in 1996, Indo-MIM Ltd. is one of the world's leading manufacturers of precision engineering components using Metal Injection Molding (MIM) technology. The company offers end-to-end manufacturing solutions, covering mold design, tooling, machining, finishing and assembly.

In addition to MIM, Indo-MIM has expanded its capabilities through advanced manufacturing technologies such as investment casting, precision machining, ceramic injection molding and 3D metal printing, enabling it to serve a diverse range of industries.

During FY26, the company manufactured more than 6,400 products for sectors including automotive, defence, medical devices, consumer goods and aerospace.

Financial performance

Indo-MIM delivered a robust financial performance in FY26, backed by healthy growth in revenue and earnings. Total income rose 28.1% year-on-year to Rs 4,320.70 crore from Rs 3,373.97 crore in FY25. Profit after tax (PAT) increased 25.9% to Rs 533.54 crore in FY26 from Rs 423.73 crore in the previous year.

Should you subscribe?

Anand Rathi research believes Indo-MIM's valuation is justified given its leadership in the global Metal Injection Moulding (MIM) industry. At the upper price band, the IPO is priced at around 45x FY26 earnings, which the brokerage considers reasonable due to the company's global market leadership, diversified customer base, integrated manufacturing capabilities, and strong export franchise. It has recommended investors subscribe to the IPO with a medium- to long-term investment horizon.

Marwadi Financial Services has assigned a 'Subscribe' rating to the IPO, citing Indo-MIM's dominant position in precision engineering components manufactured using MIM technology. Based on a post-issue FY26 EPS of Rs 10.79, the issue is valued at around 45x P/E, translating into a market capitalization of nearly Rs 23,981 crore. The brokerage noted that peer comparison is difficult as there are no listed Indian companies operating in the same segment. It also highlighted the company's diversified product portfolio, long-standing relationships with domestic and global OEMs, and consistent financial performance.

Sushil Finance has recommended subscribing to the IPO for long-term investment, pointing to the company's steady financial improvement and industry leadership. Revenue from operations increased from Rs 2,870 crore in FY24 to Rs 4,193 crore in FY26, while PAT nearly doubled from Rs 284 crore to Rs 534 crore. EBITDA margins remained healthy at 25–28%, and RoNW improved to 21.3%. The brokerage also highlighted improving debt metrics, with net debt-to-EBITDA declining to 0.65x, while the fresh issue proceeds will further strengthen the balance sheet. It believes Indo-MIM's global leadership in MIM technology, strong export business, and diversified end-market exposure provide sustainable competitive advantages.

Swastika Investmart has also given the IPO a positive outlook, highlighting Indo-MIM's position as the world's largest MIM company by installed capacity. The brokerage believes the company's presence across automotive, aerospace, defence, medical, and consumer sectors creates a strong competitive moat. It also noted the company's 28% revenue growth, 26% PAT growth, RoNW of 21.3%, and ROCE of 26.6% in FY26. Although the IPO is priced at around 45x FY26 earnings, Swastika believes the premium valuation is supported by the company's global leadership and technological expertise, recommending the issue for both listing gains and long-term wealth creation.

SBI Securities has highlighted Indo-MIM's strong standing in the global MIM industry, noting that the company commanded a 6.8% global market share in CY25. The brokerage pointed out that the company delivered a 20.9% CAGR in revenue, 20% CAGR in EBITDA, and 30.3% CAGR in adjusted PAT between FY24 and FY26. At the upper price band of Rs 485, the IPO is valued at 38.4x FY26 earnings, lower than estimates cited by some other brokerages. SBI Securities believes Indo-MIM's diversified manufacturing capabilities and flexible production infrastructure position it well to capitalize on demand across automotive, defence, medical, consumer goods, and aerospace industries, supporting its long-term growth prospects.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)