Indo-MIM IPO opens: Is this Rs 3,811 crore issue a long-term bet?
Based on the current GMP, the company's shares are estimated to list at around Rs 670 per share, compared with the upper issue price of Rs 485. However, investors should note that the grey market is unofficial, and GMP is only an indicator of inve...
By Ritesh Presswala, ETMarkets.com | Updated:
ETMarkets.com
Indo-MIM Ltd.'s Rs 3,811.21-crore initial public offering (IPO) opened for public subscription on Thursday, amid strong grey market sentiment. Ahead of the launch, the Grey Market Premium (GMP) is hovering around Rs 185, suggesting a potential listing premium of nearly 38% over the upper end of the price band.
Based on the current GMP, the company's shares are estimated to list at around Rs 670 per share, compared with the upper issue price of Rs 485. However, investors should note that the grey market is unofficial, and GMP is only an indicator of investor sentiment, not a guarantee of listing gains.
The IPO is a book-built issue worth Rs 3,811.21 crore, comprising a fresh issue of 1.03 crore equity shares aggregating Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares valued at Rs 3,311.21 crore by existing shareholders.
The public issue will remain open for subscription from July 23 to July 27, 2026. The price band has been fixed at Rs 461-485 per equity share. Investors can bid for a minimum 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 finalised on July 28, while the shares are likely to be listed on the BSE and NSE on July 30, 2026, subject to the successful completion of the IPO process.
The 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. MUFG Intime India Pvt. Ltd. is serving as the registrar to the issue.
Indo-MIM IPO GMP today
Ahead of the IPO opening, Indo-MIM's Grey Market Premium (GMP) is quoted at Rs 185, indicating a premium of nearly 38% over the upper end of the issue price band of Rs 485. Based on the prevailing GMP, the stock is expected to list at around Rs 670 per share, if current market sentiment remains unchanged.
Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator based on market sentiment and speculative trading. It should not be considered a reliable predictor of the IPO's listing price or the stock's future performance.
SBI Securities' view
SBI Securities has highlighted Indo-MIM's strong position in the global MIM industry, noting that the company held a 6.8% global market share in CY25.
According to SBI Securities, the company's diversified manufacturing capabilities and flexible production infrastructure position it well to meet demand across automotive, defence, medical, consumer goods and aerospace segments, supporting its long-term growth outlook.
The company intends to utilise Rs 400 crore from the net proceeds of the fresh issue towards the repayment or prepayment, in full or in part, of certain outstanding borrowings. The remaining funds will be used for general corporate purposes.
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.
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.
Indo-MIM operates 15 manufacturing facilities across India, the United States, the United Kingdom and Mexico. According to the F&S Report, it has the world's largest installed Metal Injection Molding (MIM) capacity.
The company's global footprint also includes sales offices in China, Germany and the US, supported by sales representatives across Europe and Asia. In FY26, Indo-MIM served more than 1,100 customers worldwide.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Based on the current GMP, the company's shares are estimated to list at around Rs 670 per share, compared with the upper issue price of Rs 485. However, investors should note that the grey market is unofficial, and GMP is only an indicator of investor sentiment, not a guarantee of listing gains.
The IPO is a book-built issue worth Rs 3,811.21 crore, comprising a fresh issue of 1.03 crore equity shares aggregating Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares valued at Rs 3,311.21 crore by existing shareholders.
The public issue will remain open for subscription from July 23 to July 27, 2026. The price band has been fixed at Rs 461-485 per equity share. Investors can bid for a minimum 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 finalised on July 28, while the shares are likely to be listed on the BSE and NSE on July 30, 2026, subject to the successful completion of the IPO process.
The 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. MUFG Intime India Pvt. Ltd. is serving as the registrar to the issue.
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Indo-MIM IPO GMP today
Ahead of the IPO opening, Indo-MIM's Grey Market Premium (GMP) is quoted at Rs 185, indicating a premium of nearly 38% over the upper end of the issue price band of Rs 485. Based on the prevailing GMP, the stock is expected to list at around Rs 670 per share, if current market sentiment remains unchanged.
Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator based on market sentiment and speculative trading. It should not be considered a reliable predictor of the IPO's listing price or the stock's future performance.
SBI Securities' view
SBI Securities has highlighted Indo-MIM's strong position in the global MIM industry, noting that the company held a 6.8% global market share in CY25.
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The brokerage said Indo-MIM posted a two-year CAGR of 20.9% in revenue, 20.0% in EBITDA and 30.3% in adjusted PAT between FY24 and FY26. At the upper price band of Rs 485 per share, the IPO is valued at 38.4 times its FY26 earnings.According to SBI Securities, the company's diversified manufacturing capabilities and flexible production infrastructure position it well to meet demand across automotive, defence, medical, consumer goods and aerospace segments, supporting its long-term growth outlook.
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IPO proceedsThe company intends to utilise Rs 400 crore from the net proceeds of the fresh issue towards the repayment or prepayment, in full or in part, of certain outstanding borrowings. The remaining funds will be used for general corporate purposes.
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.
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.
Indo-MIM operates 15 manufacturing facilities across India, the United States, the United Kingdom and Mexico. According to the F&S Report, it has the world's largest installed Metal Injection Molding (MIM) capacity.
The company's global footprint also includes sales offices in China, Germany and the US, supported by sales representatives across Europe and Asia. In FY26, Indo-MIM served more than 1,100 customers worldwide.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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