| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹461 to ₹485 | 30 | 23rd July, 2026 – 27th July, 2026 | ₹3811 Cr |
Indo-MIM Ltd
Indo-MIM Ltd. is one of the world’s leading manufacturers of precision-engineered components using Metal Injection Molding (MIM) technology. The company primarily serves OEMs in domestic and international markets by manufacturing complex, high-precision components for industries where dimensional accuracy, design flexibility, and material performance are critical. Over the years, it has expanded its capabilities beyond MIM by adopting complementary manufacturing technologies, enabling it to offer integrated precision engineering solutions to a wide range of customer requirements. The company’s business is diversified across five major end-user industries, namely Automotive Products Group (APG), Defence Products Group (DPG), Medical Products Group (MPG), Consumer Products Group (CPG) and Aerospace, along with revenue from the sale of powders, tools, and traded products. During FY26, the automotive segment contributed 24.6% of revenue, followed by defence (18.7%), medical (18.1%), aerospace (12.0%), consumer products (10.8%), and others (15.9%). Indo-MIM has a strong export-oriented business model, with overseas markets accounting for 77.2% of FY26 revenue, while domestic operations contributed the remaining 22.8%. Geographically, North America is its largest market, contributing 43.7% of revenue in FY26, followed by Europe (20.0%), India (22.8%), Southeast Asia (2.7%) and the Rest of the World (10.9%). The company serves more than 1,100 customers globally through 15 manufacturing facilities across India (6), the United States (6), the United Kingdom (2) and Mexico (1), supported by sales offices in China, Germany, and the United States, along with an extensive international sales representative network. Its diversified customer base is underpinned by long-standing relationships, with repeat customers contributing 91.6% of FY26 revenue, reflecting strong customer retention and recurring business.
Objective of Indo-MIM Ltd
The IPO consists of an offer for sale of Rs. 499 crores and a fresh issue of Rs. 3,311 crores.
The company proposes to utilize the proceeds from the issue towards the following objects:
- Repayment/prepayment, in full or part, of all or certain outstanding borrowings availed by the company; and
- General corporate purposes.
Rationale To Indo-MIM Ltd
Investment Rationale
Technology leadership backed by high entry barriers and sticky customer relationships
Indo-MIM is the world’s largest manufacturer of precision engineering components using MIM technology, with a 6.8% global market share by MIM revenue in CY25. The company has developed end-to-end engineering capabilities spanning mold design, tooling, product development, material selection and finishing processes, supported by a diversified technology portfolio comprising over 80 alloy options and complementary manufacturing technologies such as ceramic injection molding, precision machining, investment casting and metal 3D printing. This enables the company to address complex customer requirements across diverse end-use industries, while its continued focus on new materials, advanced manufacturing technologies and engineering capabilities is expected to further expand its addressable market. The business also benefits from high entry barriers, as OEM supplier qualification typically takes two to three years and involves stringent validation, resulting in long product lifecycles, recurring order flows and high switching costs. Further, the ongoing trend of OEMs consolidating their supplier base presents an opportunity for the company to increase wallet share through cross-selling and early-stage product collaboration. These advantages have enabled Indo-MIM to build long-standing relationships with leading global OEMs, with repeat customers contributing 91.6% of FY26 revenue, providing strong revenue visibility and reinforcing its competitive positioning.
Integrated manufacturing platform and diversified product portfolio support sustainable growth
Indo-MIM has established an integrated manufacturing platform with in-house capabilities spanning the entire MIM value chain, including mold design, tooling, precision machining, heat treatment, plating, product assembly and backward integration into metal powder production. This enables the company to maintain better control over quality, lead times and production costs while reducing dependence on third-party suppliers. The integrated manufacturing setup, coupled with multiple manufacturing technologies, has enabled the company to build a diversified product portfolio that caters to the automotive, defence, medical, aerospace, and consumer industries, thereby reducing dependence on any single end-market and creating multiple avenues for growth. The company continues to strengthen its manufacturing capabilities through investments in automation, robotics, IoT-enabled production systems, metal 3D printing and vacuum casting, which are expected to improve capacity utilization, enhance manpower productivity, and drive operating efficiencies. These initiatives, together with its diversified end-market presence, are likely to strengthen cost competitiveness, support margin expansion and reinforce the company’s long-term growth prospects.
Valuation of Indo-MIM Ltd
Indo-MIM is the world’s largest manufacturer of precision engineering components using Metal Injection Molding (MIM) technology, supported by strong engineering capabilities, a diversified product portfolio and an integrated manufacturing platform. The company’s presence across automotive, defence, medical, aerospace and consumer industries provide multiple growth avenues while reducing dependence on any single end market. Further, its integrated manufacturing capabilities, backward integration initiatives and continued investments in automation, robotics, and advanced manufacturing technologies enhance operational efficiencies, strengthen cost competitiveness, and support margin sustainability. The company has also established long-standing relationships with leading global OEMs, underpinned by high entry barriers and stringent qualification processes. Financially, the company has demonstrated a healthy growth trajectory, with revenue from operations, EBITDA and PAT registering a CAGR of 20.9%, 20.0% and 30.3%, respectively, during FY24-FY26. At the upper price band of Rs. 485, the issue is valued at a P/E multiple of 44.6x based on FY26 diluted EPS of Rs. 10.9. Considering the company’s technology leadership, diversified end-market presence, integrated manufacturing platform, healthy financial performance and favourable long-term industry prospects, we believe the valuation is justified. Accordingly, we assign a ‘SUBSCRIBE’ rating to the issue.
What is the Indo-MIM Ltd IPO?
The initial public offer (IPO) of Indo-MIM Ltd offers an early investment opportunity in. A stock market investor can buy Indo-MIM Ltd IPO shares by applying in IPO before All Indo-MIM Ltd shares get listed at the stock exchanges. An investor could invest in Indo-MIM Ltd for short term listing gain or a long term.
How to apply for the Indo-MIM Ltd IPO through StoxBox?
To apply for the Indo-MIM Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Indo-MIM Ltd IPO open?
Indo-MIM Ltd IPO is opening on 23rd July 2026. Apply Now
What is the lot size of the Indo-MIM Ltd IPO?
The Lot Size of Indo-MIM Ltd 30 equity shares. Login to your account now.
When is the Indo-MIM Ltd IPO allotment date?
The allotment Date for Indo-MIM Ltd IPO is 28th July 2026. Login to your account now.
When is the Indo-MIM Ltd IPO listing date?
The listing Date for Indo-MIM Ltd is 3oth July 2026. Login to your account now
What is the minimum investment required for the Indo-MIM Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,550 Login to your account now
What is the maximum investment allowed for Indo-MIM Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,89,150 Login to your account now
What are the risks associated with investing in the Indo-MIM Ltd IPO?
- The business remains significantly dependent on export markets, with overseas revenue contributing 77.2%, 89.9% and 88.3% of total revenue from operations in FY26, FY25 and FY24, respectively. Consequently, any slowdown in economic activity, adverse industry developments, changes in trade policies, geopolitical uncertainties or demand weakness across its key international markets could adversely impact the company’s business operations, financial performance, and cash flows.
- The company is dependent on imported raw materials, with imports accounting for 61.0%, 61.8% and 59.6% of its total raw material purchases in FY26, FY25 and FY24, respectively. Consequently, any volatility in global commodity prices, foreign exchange rates or supply chain disruptions could increase input costs and adversely impact profitability and cash flows.
- The company’s manufacturing facilities in India are concentrated in southern India. Consequently, any adverse developments, including natural calamities, political or regulatory changes, infrastructure disruptions or regional socio-economic issues, could disrupt manufacturing operations, affect timely order execution and adversely impact its business and financial performance.
When will the Indo-MIM Ltd IPO shares be credited to my Demat account?
The Indo-MIM Ltd will be credited to the account on allotment date which is 28th July 2026. Login to your account now
Where can I find the Indo-MIM Ltd IPO prospectus?
The prospectus of Indo-MIM Ltd IPO prospectus can be found on the website of SEBI, NSE and BSE
