Indo-MIM launches Rs 3,811 crore IPO as grey market signals 38 per cent listing premium
Precision engineering manufacturer Indo-MIM has opened its Rs 3,811 crore initial public offering, drawing early grey market interest that signals strong investor appetite for India’s expanding advanced manufacturing sector.
Indo-MIM Ltd opened its Rs 3,811.21 crore initial public offering today, marking a significant test of investor appetite for India’s advanced manufacturing sector. The book-built issue features a price band of Rs 461 to Rs 485 per equity share and will remain open for subscription until July 27, 2026.
Ahead of the opening, the unofficial grey market premium stood at Rs 185, suggesting a potential listing price near Rs 670 per share. While this indicates a 38 per cent premium over the upper price band, investors are cautioned that grey market metrics reflect sentiment rather than guaranteed listing gains.
The offering comprises a fresh issue of 1.03 crore equity shares raising Rs 499.10 crore, alongside an offer for sale of 6.83 crore shares by existing shareholders valued at Rs 3,311.21 crore. Retail and institutional investors can bid for a minimum of 30 shares, requiring an initial outlay of Rs 14,550 at the maximum price.
Indo-MIM plans to allocate Rs 400 crore from the fresh issue proceeds toward repaying outstanding borrowings. The remaining capital will be directed toward general corporate purposes, strengthening the balance sheet of the precision engineering firm.
Founded in 1996, the company claims the world’s largest installed Metal Injection Molding capacity, according to an F&S Report. It operates 15 manufacturing facilities across India, the United States, the United Kingdom, and Mexico, serving over 1,100 global customers in automotive, defence, medical, and aerospace sectors.
Financial performance and valuation
The IPO follows a period of robust financial expansion for the manufacturer. Total income for FY26 climbed 28.1 per cent year-on-year to Rs 4,320.70 crore, while profit after tax rose 25.9 per cent to Rs 533.54 crore.
SBI Securities notes that Indo-MIM held a 6.8 per cent global market share in CY25, supported by a two-year adjusted profit after tax compound annual growth rate of 30.3 per cent. However, at the upper price band, the issue is valued at 38.4 times its FY26 earnings, demanding careful scrutiny from value-oriented market participants.
A syndicate including HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets is managing the book-running process. The basis of allotment is scheduled for July 28, with shares expected to debut on the BSE and NSE on July 30, 2026.
