Indo-MIM Ltd.'s Rs 3,811-crore initial public offering (IPO) will open for public subscription on Thursday, July 23, amid robust grey market sentiment. The IPO is attracting strong investor interest ahead of its launch, with the Grey Market Premium (GMP) hovering around Rs 178, indicating a premium of 36.7% over the upper end of the price band.
Based on the prevailing GMP, the company's shares are expected to list at around Rs 663 apiece, 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 market sentiment, not a guarantee of listing gains.
The Rs 3,811.21-crore Indo-MIM IPO is a book-built issue comprising a fresh issue of 1.03 crore equity shares aggregating to Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares worth Rs 3,311.21 crore by existing shareholders.
The IPO will open for subscription on July 23, 2026, and close on July 27, 2026. The company has fixed the price band at Rs 461-Rs 485 per equity share, with investors required to bid for a minimum lot of 30 shares. At the upper end of the price band, the minimum investment for retail investors works out to Rs 14,550.
The basis of allotment is expected to be finalised on July 28, 2026, while the company's shares are likely to make their stock market debut on the BSE and NSE on July 30, 2026, subject to the completion of the IPO process.
The IPO 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 GMP today
Ahead of the IPO opening, Indo-MIM's Grey Market Premium (GMP) stands at Rs 178, translating into a premium of 36.70% over the upper issue price of Rs 485. If the current trend sustains, the estimated listing price works out to approximately Rs 663 per share.
Disclaimer: Grey Market Premium (GMP) is an unofficial market indicator based on investor sentiment and market speculation. It does not guarantee the listing price or future stock performance.
IPO proceeds
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.
About Indo-MIM
Apart from MIM, the company also leverages advanced manufacturing technologies such as investment casting, precision machining, ceramic injection molding and 3D metal printing to cater to a wide range of industries.
During FY26, the company manufactured more than 6,400 products serving sectors including automotive, defence, medical devices, consumer goods and aerospace.
The company operates 15 manufacturing facilities across India, the United States, the United Kingdom and Mexico, and claims to have the world's largest installed Metal Injection Molding (MIM) capacity, according to the F&S Report.
Its international presence includes sales offices in China, Germany and the US, along with sales representatives across Europe and Asia. During FY26, Indo-MIM served more than 1,100 customers globally.
Financial performance
Indo-MIM reported strong financial performance in FY26, driven by healthy growth in both revenue and profitability. The company's total income increased to Rs 4,320.70 crore in FY26 from Rs 3,373.97 crore in FY25, marking a 28.1% year-on-year growth. Profit after tax (PAT) also rose significantly to Rs 533.54 crore, compared with Rs 423.73 crore in the previous financial year, registering a 25.9% increase.
SBI Securities' view
The brokerage said the company delivered 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, the IPO is valued at 38.4 times FY26 earnings.
According to the brokerage, Indo-MIM's diversified manufacturing capabilities and flexible production facilities enable it to efficiently cater to demand across automotive, defence, medical, consumer and aerospace segments, supporting its long-term growth prospects.
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