Business Profile of INDO-MIM Limited
Indo-MIM was incorporated in 1996 and it is global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. The company offers end-to-end solutions including mold design, tooling, finishing, and assembly. Under company product portfolio includes aerospace, defence, medical, automotive and consumer products. The company operates 15 manufacturing facilities across India, the US, the UK, and Mexico, and holds the world’s largest installed MIM capacity. Along with MIM, the company also use advanced technologies such as investment casting, precision machining, ceramic injection molding, and 3D metal printing to serve diverse industries.
Objective of INDO-MIM Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨1.00 each aggregating up to ₹ 10,000.00 million and OFS consists 129,674,393 shares at face value of ₨ 1.00 each aggregating up to XXXX million. There are fresh shares issues and OFS by company and main objective of company is re-payment of outstanding borrowings and general corporate purposes.
Details of INDO-MIM Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ XXXX million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ ₹10,000.00 million. | |
| Offer For Sale | Up to 129,674,393 Equity Shares |
| Aggregating up to ₨ XXXX million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
INDO-MIM Limited IPO: Issue Price & Size
The issue price of INDO-MIM LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of INDO-MIM Limited IPO
The IPO opening date of INDO-MIM LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of INDO-MIM Limited
| Particulars (Rs in millions) | March 31 , 2025 | March 31 , 2024 | March 31 , 2023 |
| Income | |||
| Revenue from operations | 33,295.77 | 28,703.95 | 26,927.61 |
| Other income | 443.95 | 299.87 | 678.85 |
| Total income | 33,739.72 | 29,003.82 | 27,606.46 |
| Expenses | |||
| Cost of materials consumed | 5,834.25 | 4,501.71 | 3,895.09 |
| Changes in inventories of finished goods and work – in – progress | (1,056.20) | (352.15) | (148.19) |
| Employee benefits expense | 6,970.70 | 6,484.06 | 5,543.95 |
| Finance costs | 961.02 | 874.06 | 805.58 |
| Depreciation and amortization expense | 1,988.09 | 1,743.64 | 1,509.88 |
| Other expenses | 12,221.05 | 10,635.71 | 9,811.44 |
| Total expenses | 26,918.91 | 23,887.03 | 21,417.75 |
| Restated Profit before exceptional items and tax | 6,820,81 | 5,116.79 | 6,188.71 |
| Exceptional items | 1,010.78 | 764.74 | – |
| Restated Profit before tax | 5,810.03 | 4,352.05 | 6,188.71 |
| Tax expenses | |||
| Current tax | 1,974.22 | 1,685.29 | 1,572.45 |
| Deferred tax | (401.53) | (170.58) | ( 10.67 ) |
| Total tax expenses | 1,572.69 | 1,514.71 | 1,561.78 |
| Restated Profit for the year | 4,237.34 | 2,837.34 | 4,626.93 |
Key financial ratios of INDO-MIM Limited
| KPI | Unit | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from operations | million | 33,295.77 | 28,703.95 | 26,927.61 |
| Revenue from operations growth | Percentage | 16.00 | 6.60 | 7.58 |
| EBITDA | million | 9,325.97 | 7,434.62 | 7,825.32 |
| EBITDA margin | Percentage | 28.01 | 25.90 | 29.06 |
| PAT | million | 4,237.34 | 2,837.34 | 4,626.93 |
| PAT margin | Percentage | 12.73 | 9.88 | 17.18 |
| Return on equity | Percentage | 19.94 | 14.01 | 25.37 |
| Return on capital employed | Percentage | 23.51 | 19.59 | 25.19 |
| Debt to total net worth | Ratio | 0.57 | 0.53 | 0.40 |
| Fixed asset turnover ratio | Ratio | 1.24 | 1.25 | 1.38 |
| Net debt to EBITDA | Ratio | 1.15 | 1.15 | 0.61 |
Promoters & Shareholding INDO-MIM Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 93.34% shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | 449,950,587 | 93.34 |
| Public | 32,080,185 | 6.66 |
| Total (A+B) | 482,030,772 | 100.00 |
Should You Subscribe To INDO-MIM Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of INDO-MIM Limited IPO
Global MIM precision leader
The company is the largest global manufacturer of precision engineering components using MIM technology with a market share of 7% in terms of revenue from MIM in Fiscal 2025. The experience in mold designing allows them to develop tools that optimize the manufacturing process, ensuring better productivity and precision which allows manufacturing products that meet their customers’ specifications and requirements.
Deep OEM client ties across markets
The company has diverse customer base and have long-standing relationships with several Indian and global OEMs. They collaborate with customers to understand their challenges which enable them to deliver tailored solutions to customers. The approach of company focusing on customers’ specific industry requirements helps strengthen relationship with them and enables company to establish a preferred partner within their value chain.
Diverse products serving multiple sectors
They has diverse product portfolio that serves customers across various industries, including automotive OEMs, and manufacturers of defence products, medical devices, consumer durables, and aerospace components. For the automotive industry, they manufacture components used in vehicle safety, fuel systems, powertrains, and interior application. For the defence industry include parts for firearms, such as triggers, hammers and sights. In the medical industry, they produce components for surgical devices used in endoscopy, laparoscopy, dental robotics and orthopedics. For customer includes fashion accessories, crossbow parts, cellphone components, tools and hardware applications.
Robust financial performance
The experience of company in manufacturing components using MIM technology allows them to achieve cost-effective mass production. According to the F&S Report, the cost of MIM components is typically only 10% to 20% of the total cost of the final product, making it an attractive option for high-volume manufacturing of complex parts. Thus, company ability to sustain margins over the long term is a testament to their expertise and cost-effective manufacturing processes.
Risk Factors of INDO-MIM Limited IPO
Customer concentration risk
The company derives a significant portion of its revenue from top 10 customers, who contributed 38.94%, 41.53% and 41.07% of revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of such customers or a significant reduction in demand of company products from these customers could have an adverse effect on business, results of operations, financial condition and cash flows.
Supplier Disruption Risk
The ability of company to remain competitive, maintain costs and profitability is dependent, in part, on ability to source and maintain a stable and sufficient supply of raw materials at acceptable prices. They procure raw materials, including (i) metal powders such as carbonyl iron power, stainless steel powder; and (ii) polymers such as poly proplene, wax, steric acid, on a purchase order basis. Loss of any of suppliers or a failure may have an adverse impact on company ability to continue manufacturing process without interruption.
High export dependence
The company business is dependent on exports and the performance of geographies where they supply their products. They export products to various countries and revenue from outside India represented 89.92%, 88.26% and 89.61% of the total revenue from operations in Fiscals 2025, 2024 and 2023, respectively. Any adverse changes in the conditions affecting the industries in global markets can adversely impact business, cash flows, results of operations and financial condition.
Delivery disruption risk
The company relies on third parties for the transportation services for the timely delivery. Disruption of logistics and transportation services could impair the ability of suppliers to deliver raw materials or ability to deliver products to their customers as well as increase transportation costs, which may adversely affect business, results of operations, financial condition and cash flows.
INDO-MIM Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share.
According to various online sources, the Grey Market Premium or GMP of the INDO-MIM LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
