Indo MIM sets ₹461-485 price band for ₹3,811 crore IPO; eyes ₹24,000 crore valuation

Precision engineering components manufacturer Indo MIM Ltd has fixed a price band of ₹461-485 per equity share for its ₹3,811-crore initial public offering (IPO). At the upper end of the price band, the Bengaluru-headquartered company is valued at nearly ₹24,000 crore.

The IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to 6.83 crore equity shares worth ₹3,311 crore by existing shareholders. The public issue will open for subscription on July 23 and close on July 27, while anchor book will open for a day on July 22.

The selling shareholders include Green Meadows Investments Ltd, Anuradha Koduri, and the Indian Institute of Technology (IIT) Madras.

The company plans to utilise ₹400 crore from the fresh issue proceeds towards the repayment or prepayment of certain outstanding borrowings, with the balance earmarked for general corporate purposes.

For retail investors, the minimum application size is 30 shares, requiring an investment of ₹14,550 at the upper price band.

As per the DRHP filed with the Sebi, up to 50% of the net offer has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and remaining 35% for retail investors.

Founded in 1996, Indo MIM is a global manufacturer of precision engineering components using metal injection molding (MIM) technology, offering end-to-end solutions spanning mould design, tooling, manufacturing, finishing and assembly.

Besides MIM, the company also deploys technologies such as investment casting, precision machining, ceramic injection molding and metal 3D printing to serve customers across the automotive, defence, medical, consumer and aerospace sectors.

According to a Frost & Sullivan report cited in the red herring prospectus (RHP), Indo MIM has been the world's largest manufacturer of precision engineering components using MIM technology for the past six years. It held a 6.8% global market share by MIM revenue in calendar year 2025.

The company operates the world's largest installed MIM manufacturing capacity, with 15 production facilities globally - six in India, six in the United States, two in the United Kingdom and one in Mexico. During FY26, Indo MIM manufactured more than 9,000 product variants across its end markets.

On the financial front, the company reported revenue from operations of ₹4,193 crore in FY26, while profit after tax (PAT) increased 26% year-on-year to ₹534 crore. Total income rose to ₹4,321 crore from ₹3,374 crore in FY25, while EBITDA climbed to ₹1,071 crore from ₹933 crore a year earlier.

As of March 31, 2026, the company's total borrowings stood at ₹1,090 crore, compared with ₹1,247 crore a year earlier.

According to the RHP, Indo MIM has no listed comparable company in India. Its only listed global peer is Jiangsu Gian Technology Co. Ltd, which is listed on the Shenzhen Stock Exchange in China.

The allotment of Indo MIM shares to eligible applicants is likely on July 28, while the stock is expected to make its market debut on the BSE and NSE on July 30.