Indo-MIM IPO
Indo-MIM LtdMainboard
This IPO has listed.
- Open date
- 23 Jul 2026
- Close date
- 27 Jul 2026
- Min. Investment
- ₹14,550
- Lot Size
- -
- Fresh Issue
- ₹500.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers204.34x
- Non-Institutional Investors50.63x
- Retail-Individual Investors6.67x
- Total72.34x
Schedule
- Completed: IPO open date23 Jul 2026
- Completed: IPO close date27 Jul 2026
- Completed: Allotment date28 Jul 2026
- Completed: Funds unblock or debit29 Jul 2026
- Completed: Tentative listing date30 Jul 2026
About
Promoter shareholding in Indo-MIM Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Green Meadows Investments Ltd | 43,78,86,732 | 90.44% | 37,73,62,410 | 76.32% |
| Krishna Chivukula | 9,94,735 | 0.21% | 9,94,735 | 0.20% |
| Krishna Chivukula Jr. | 0 | 0.00% | 0 | 0.00% |
| Raj Chivukula | 0 | 0.00% | 0 | 0.00% |
| Jagadamba Chandrasekhar | 56,10,120 | 1.16% | 56,10,120 | 1.13% |
| Anuradha Koduri | 54,59,000 | 1.13% | 0 | 0.00% |
Financials of Indo-MIM IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 2887.65 | 3329.58 | 4192.99 |
| Total Expenses | 2398.75 | 2807.05 | 3589.69 |
| Profit Before Tax | - | - | - |
| Total Profit | 351.58 | 423.73 | 533.54 |
Indo-MIM IPO Strengths & Risks
- Global leadership in manufacturing precision engineering components using MIM technology.
- Long-standing relationships with Indian and global OEM customers.
- Diversified product portfolio catering to applications across multiple industries.
- Backward integrated, dual-shore manufacturing capabilities with focus on efficiency.
- Export driven player with extensive global distribution capability.
- Experienced promoters and management team supported by large employee base.
- Track record of robust financial performance.
- Risks Relating to the Business: The company derives a significant portion of its revenue from the company's top 10 customers, who contributed 38.41%, 38.94% and 42.00% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of such customers or a significant reduction in demand of the company's products from these customers could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business is dependent on exports and the performance of geographies where its supply the company's products. Its export the company's products to various countries and its revenue from outside India represented 77.20%, 89.92% and 88.26% of the total revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any adverse changes in the conditions affecting the industries in global markets in which the company's products is supplied, can adversely impact its business, cash flows, results of operations and financial condition.
- Risks Relating to the Business: The company does not has definitive agreements having commitment on part of its customers to purchase or place orders with its. The company generally does business with its customers on a purchase order basis and the company's customers does not make long-term commitments/ agreements with its. If the company's customers choose not to source their requirements from its, there may be an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Loss of any of the company's suppliers or a failures by its suppliers to deliver the company's primary raw materials such as metal powders and polymers may have an adverse impact on its ability to continue the company's manufacturing process without interruption.
- Risks Relating to the Business: The company imports a significant portion of its raw materials constituting 60.95%, 61.80% and 59.63% of the company's total purchases of raw materials in Fiscals 2026, 2025 and 2024, respectively. Any restrictions on imports or fluctuation in global commodity prices that affect its raw materials could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's operations is significantly dependent on its manufacturing facilities, and the shutdown or slowdown of operations at any of the company's manufacturing facilities could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's manufacturing facilities in India is concentrated in south India and any adverse developments affecting this region could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: A portion of the Net Proceeds will be utilized for repayment or pre-payment of a loan availed by the Company from HDFC Bank Limited, which is one of its Book Running Lead Managers and Axis Bank Limited and Kotak Mahindra Bank Limited which are affiliates of certain of the Book Running Lead Managers.
- Risks Relating to the Business: The company's Promoters, Directors and KMPs has received certain show cause notices for alleged non-compliance with mandatory appointment of a cost auditor and for a mandatory cost audit which could potentially impact the reputation of the Company and its may be subject to regulatory actions in the future.
- Risks Relating to the Business: The name of one of the company's Promoters and its Chairman and Managing Director, Krishna Chivukula has appeared in the list of disqualified directors in the past.
- Risks Relating to the Business: If the company does not continue to invest in new technologies and equipment, its technologies and equipment may become obsolete and the company's cost of processing may increase relative to its competitors, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows. Further, its may be negatively impacted by any early obsolescence of the company's manufacturing equipment which could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's business subjects its to social, economic, political, geopolitical and legal risks in multiple countries which could have an impact on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's Statutory Auditors has included emphasis of matter for Fiscals 2025 and 2024 and negative remarks in accordance with the Companies (Auditor's Report) Order, 2020 in the audit reports issued on the audited Ind AS financial statements for Fiscals 2026, 2025 and 2024 which does not requires any corrective adjustments in the Restated Consolidated Financial Information. Its cannot assure you that any similar emphasis of matter or remarks will not form part of the company's financial statements for the future fiscal periods, which could have an adverse effect on its reputation, the trading price of the Equity Shares, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Ravi Chandrasekhar, one of the members of the company's Promoter Group, has an estranged relationship with Jagadamba Chandrasekhar, one of its Promoters, therefore the company will not be able to obtain any details regarding this member of Promoter Group which are required to be disclosed in relation to Promoter Group under the SEBI ICDR Regulations in this Red Herring Prospectus. Any disclosures relating to this member of the Promoter Group has been included in this Red Herring Prospectus based on information available in public domain. Accordingly, the company cannot assure you that the disclosures relating to such member of its Promoter Group is accurate, complete, or updated.
- Risks Relating to the Business: The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Pricing pressure from customers may adversely affect the company's ability to increase its prices, which may in turn adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's Directors, Krishna Chivukula and Jagadamba Chandrasekhar has interests in the company other than remuneration and reimbursement of expenses incurred.
- Risks Relating to the Business: The company is subject to strict requirements by its customers, including, but not limited to, quality and delivery, and any failure by the company to comply with these requirements may lead to the cancellation of existing and future orders, product recalls or warranty and liability claims.
- Risks Relating to the Business: The global manufacturing industry in general, and certain of its sectors in particular, tend to be cyclical or seasonal. A downturn or weakness in any particular sector, or in overall economic activity, could have an adverse effect on the company's financial condition and operating results.
- Risks Relating to the Business: The company may not be successful in implementing its growth strategies, such as expanding the company's business to new geographies or increasing customer penetration and diversification, which could adversely affect its business, results of operations, financial condition, cash flows and prospects.
- Risks Relating to the Business: The company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have an adverse effect on its ability to manage the company's business, and such undertakings may not be successful. If the company fails to integrate or manage such acquired companies or businesses efficiently, or if the acquired companies does not perform to its expectations, the company may not be able to realise the benefits envisioned from such acquisitions, and its overall profitability and growth plans could be adversely affected.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to does so in the future, which may potentially involve conflicts of interest.
- Risks Relating to the Business: There has been delays in payment of statutory dues by the Company and its Subsidiaries in the past. Inability to make timely payment of the company's statutory dues could result into its paying interest on the delay in payment of statutory dues which could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company's failures to compete effectively in the highly competitive precision components industry may have an adverse effect on its business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The company relies on third parties for the transportation services for the timely delivery of its products. Disruption of logistics and transportation services could impair the ability of the company's suppliers to deliver raw materials or its ability to deliver products to the company's customers as well as increase its transportation costs, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company and certain of its Subsidiaries has common pursuits as they are engaged in similar business or industry segments and may compete with its in the ordinary course of business. Further, the company's Individual Promoters may have interest in entities, which are engaged in lines of business similar to that of the Company. Any conflict of interest which may occur between its business and the activities undertaken by such entities could adversely affect the company's business.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and has not been appraised by a bank or a financial institution.
- Risks Relating to the Business: The company is subject to certain restrictive covenants in its financing arrangements which may limit operational and financial flexibility, and failures to comply with these covenants may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Currency exchange rate fluctuations may have an adverse effect on the company's business, results of operations, financial condition and cash flows and the value of the Equity Shares.
- Risks Relating to the Business: The company has substantial capital expenditure and working capital requirements and may requires additional financing to meet those requirements, which could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The lease agreements the company enters into is required to be stamped in accordance with the relevant state stamp duty legislation and certain of the lease agreements are required to be registered under the Registration Act, 1908. Any failures to register and/or appropriately pay stamp duty on such agreements may affect its ability to enforce such agreements.
- Risks Relating to the Business: Insurance coverage obtained by the company may not adequately protect its against unforeseen losses.
- Risks Relating to the Business: An inability to establish and maintain effective internal controls and the company's inability to improve inadequacies in the information and reporting systems could lead to an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has certain contingent liabilities that has been disclosed in the company's financial statements, which if they materialise, may adversely affect its financial condition.
- Risks Relating to the Business: The company is susceptible to certain threats and challenges in the industry in which its operates, which may have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Failures to comply with environmental laws and regulations by its could lead to unforeseen environmental litigation which could impact the company's business.
- Risks Relating to the Business: There are outstanding legal proceedings against the Company, Subsidiaries, Directors, Key Managerial Personnel, Senior Management and Promoters which may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Some of the company's properties is located on premises or land held on leasehold basis and its owned properties has been mortgaged with certain of the company's lenders. There can be no assurance that these lease agreements will be renewed upon termination, or that its will be able to obtain other premises on a leasehold basis on the same or similar commercial terms or at all, or that the company will be able to repay its lenders with whom the company has mortgaged its owned properties.
- Risks Relating to the Business: The company may be subject to work stoppages or increased labour costs, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for the company's business operations could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company depends on its Promoters, Senior Management, Key Management Personnel and other personnel with technical expertise, and if the company is unable to recruit and retain qualified and skilled personnel, its business and the company's ability to operates or grow its business may be adversely affected.
- Risks Relating to the Business: Any failures to adapt to industry trends to meet the company's customers' demands may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Cyber risk and the failures to maintain the integrity of the company's IT systems, operational or security systems or infrastructure could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has invested and intends to continue to invest in research and development ("R&D") and its cannot assure you that the company's investments in its R&D efforts will results in proportionate increase in revenues, which could adversely affect the company's business, results of operations, and cash flows.
- Risks Relating to the Business: The company's failures to keep its technical knowledge confidential could erode the company's competitive advantage.
- Risks Relating to the Business: The company has not received consent from the registered valuer for disclosing valuation details in relation to the acquisitions made by the Company as disclosed in this Red Herring Prospectus.
- Risks Relating to the Business: This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Frost & Sullivan (India) Private Limited, which has been commissioned and paid for by the Company for the purposes of confirming its understanding of the industry exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: Some of the company's historical corporate records, including those relating to allotments and transfers of its Equity Shares in the past, are not traceable.
- Risks Relating to the Business: Majority of the company's Directors does not has any prior experience of holding a directorship in a company listed on the Stock Exchanges.
- Risks Relating to the Business: The activities carried out at the company's manufacturing facilities, including any hazardous activity, can cause injury to people or property in certain circumstances.
- Risks Relating to the Business: The company appoints contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is required to obtain and maintain quality and product certifications for certain of its customers. If any such quality and product certifications are revoked, it could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any failures to protect the company's intellectual property rights could adversely affect its competitive position, the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company depends on its brand recognition. Negative publicity, failures to maintain and enhance awareness of the company's brand or any damage to its reputation could have an adverse effect on the company's business.
- Risks Relating to the Business: Internal or external fraud or misconduct or misrepresentation by the company's employees could adversely affect its reputation and the company's results of operations.
- Risks Relating to the Business: The company's Corporate Promoter does not has adequate experience in running any other company except the Company.
- Risks Relating to the Business: Information relating to the company's installed capacities and capacity utilization included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Risks Relating to the Business: Certain non-GAAP financial measures relating to the company's operations and financial performance has been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue to retain a majority shareholding in the company after the Offer, which will allow them to exercise significant influence over its.
- Risks Relating to the Business: The company's business is dependent on the delivery of adequate and uninterrupted supply of electrical power at a reasonable cost. Any shortages or any prolonged interruption or increase in the cost of power, could adversely affect its business, result of operations and financial conditions.
- Risks Relating to the Business: The company's customers may engage in certain transactions in or with countries or persons that are subject to U.S. and other sanctions.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale.
