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Industrial Manufacturing
Indo-MIM Limited IPO
World's Largest Metal Injection Moulding Manufacturer · 6.8% global market share · 15 facilities across 4 countries
Price Band
₹461 – ₹485
Lot: 30 shares (₹14,550)
GMP (Grey Market)
₹190 (+39.18%)
Est. listing ₹675
Issue Size
₹3,811 Cr
Fresh Issue & OFS
Market Cap
₹23,981 Cr
At upper band
P/E Ratio
45x
P/S: 5.7x
Listing Date
30 Jul 2026
BSE & NSE
IPO Timeline
✓
Opens
23 Jul 2026
✓
Closes
27 Jul 2026
📋
Allotment
29 Jul 2026
₹
Refund
29 Jul 2026
📈
Listing
30 Jul 2026
IPO India Hub Recommendation: Subscribe
The company trades at 1.95× sector midpoint with strong profitability (12.3% NPM, 28% EBITDA margin) and exceptional PAT growth of 37.1% over two years. Key risk: OFS represents 86.9% of the issue, signaling heavy promoter exit despite maintaining 77.65% post-issue holding.
Our Analysis — 4 Key Points
✓ Strength
Strong earnings growth trajectory
Net profit has grown at 37.1% CAGR over two years (₹283.7 Cr to ₹533.5 Cr), significantly outpacing revenue growth of 22.1%. This margin expansion demonstrates operational leverage and improving unit economics in the manufacturing business.
✓ Strength
Healthy balance sheet and returns
Debt-to-equity ratio of 0.57× is well below the 1.5× threshold, and ROCE of 23.51% indicates efficient capital deployment. The company is using ₹400 Cr of IPO proceeds for debt repayment, further strengthening the balance sheet.
⚠ Risk
Extremely high OFS component
OFS accounts for 86.9% of the ₹3811 Cr issue, meaning the company receives only ~₹500 Cr in fresh capital while promoters exit ₹3300+ Cr. This heavy exit signal, despite strong fundamentals, warrants caution on post-listing momentum and insider confidence.
⚠ Risk
Valuation near sector ceiling
At 44.9× P/E (1.95× sector midpoint of 23×), the company is priced at the upper bound of acceptable manufacturing valuations. While growth justifies this, any earnings miss or macro slowdown could trigger sharp correction given the elevated entry point.
$ Valuation
Valuation at sector midpoint threshold
P/E of 44.9× translates to 1.95× the manufacturing sector midpoint (18–28×, midpoint 23×), placing it in the Subscribe zone but near the 2.0× ceiling. NPM of 12.3% is below the 15% threshold that would justify premium pricing, though strong CAGR growth partially offsets this.
$ Valuation
Post-listing stock performance vs GMP
Monitor the listing-day performance and first-week price action relative to the 72.35× subscription level. Heavy OFS and promoter exit could create selling pressure; watch for sustained institutional buying to validate the valuation.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered, broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External analyst links go to each platform's IPO section — search for "Indo-MIM" to find the specific review. IPO India Hub does not represent or guarantee the accuracy of third-party ratings.
Company Snapshot
Revenue (FY26)
₹4,193 Cr
Net Profit (FY26)
₹534 Cr
Industry
Industrial Manufacturing
Promoters
Green Meadows Investments Ltd, Krishna Chivukula & family
Lead Managers
HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, SBI Capital
Registrar
KFinTech
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