Indo-MIM IPO kicks-off: Should you subscribe? Check price band, fresh GMP, reviews & more

The initial public offering of Indo-MIM opens for subscription on Thursday, July 23. The precision engineering player is offering its shares in the range of Rs 461-485 apeice. Investors can apply for a minimum of 30 equity shares and its multiples thereafter. The issue will close for subscription on Monday, July 27.

Bengaluru-based Indo-MIM is eyeing to look a total of Rs 3,811 crore via IPO, which includes a fresh share sale of Rs 499 crore and offer-for-sale (OFS) of up to Rs 3,311 crore from its promoters and existing shareholders. Net proceeds from the fresh issue shall be utilized towards repayment of debt and general corporate purposes.

Incorporated in 1996, Indo-MIM is a global leader in manufacturing precision engineering components using metal injection molding (MIM) technology. It offers end-to-end solutions including mold design, tooling, finishing, and assembly. It use advanced technologies such as investment casting, precision machining, ceramic injection molding, and 3D metal printing to serve industries.

Ahead of IPO, Indo-MIM raised a total of Rs 1,141 crore from 92 anchor investors as it allocated 2,35,25,656 shares for Rs 485 apiece. It anchor book included names like Societe Generale, CSIM India, Taksh India Enterprises, ICICI Prudcential MF, HDFC MF, SBI MF, Bandhan MF, Kotak MF, Aditya Birla Sun Life MF, Whiteoak Capital, Government Pension Fund, Axis MF, UTI MF and others.

Indo-MIM reported a net profit of Rs 533.54 crore with a revenue of Rs 4,320.70 crore for the financial year ended on March 31, 2026. The company clocked a net profit of Rs 423.73 crore with a revenue of Rs 3,373.97 crore for the year 2024-25. The company currently commands a total market capitalization close to Rs 24,000 crore.

The company has reserved 50 per cent of the offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have a 15 per cent of allocation. Retail investors will get 35 per cent of the shares in the IPO. Last heard, Indo-MIM was commanding a grey market premium of Rs 185-190 apeice, suggesting a 38-39 per cent listing pop for the investors.

HDFC Bank Ltd, ICICI Securities, Axis Bank Ltd and Kotak Mahindra Company and SBI Capital Markets are the book running lead managers for Indo-MIM and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE on Thursday, July 30. Here's what a host of brokerage firms say about the IPO of Indo-MIM:
 

Choice Broking
Rating: Subscribe
The valuation is supported by the company's position as the world's largest MIM manufacturer, strong competitive moat, integrated manufacturing platform and diversified presence across high-growth sectors such as automotive, aerospace, defence and medical. It has consistently delivered healthy profitability, with an EBITDA margin of 25.5 per cent PAT margin of 12.7 per cent, said Choice.

"The debt repayment from the IPO proceeds is expected to reduce finance costs and provide further support to earnings growth. Backed by favorable industry tailwinds, global manufacturing capabilities and sustained capacity expansion, we believe the company is well-positioned for long-term growth. Accordingly, we assign a 'subscribe' rating to the issue," it said.

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Indo-MIM, the global leader in metal injection moulding, is valued at 45 times P/E on FY26 earnings. Considering its global market leadership, diversified end-user exposure, integrated manufacturing capabilities, strong export franchise, the valuation appears reasonable, said Anand Rathi recommending to subscribe to the IPO from medium- to long-term investment perspective.

Swastika Investmart
Rating: Subscribe
Indo-MIM is the world's largest MIM company by installed capacity, with a diversified presence across automotive, aerospace, defense, medical, and consumer sectors, providing a strong competitive moat. In FY26, the company reported 28 per cent revenue growth and 26 per cent PAT growth, with healthy RoNW of 21.3 per cent and ROCE of 26.6 per cent, said Swastika Investmart.

"The Rs 400 crore debt repayment from fresh issue proceeds will further strengthen its balance sheet. While the IPO is priced at a premium P/E of 45 times FY26 earnings, its global leadership and technological edge justify the valuation," it added and suggested to apply for both listing gains and long-term wealth creation.

Master Capital Services
Rating: Subscribe for long-term
Indo-MIM is well positioned to benefit from these industry trends through its diversified end-market presence, broad manufacturing capabilities and strong presence across key international markets. Investors may consider the IPO as a potential long-term investment opportunity, said Master Capital Services.

SMIFS
Rating: Subscribe
"We recommend subscribe to the issue as a long-term investment, with Indo-MIM's global leadership, durable customer relationships, and multi-technology growth optionality positioning it to consistently capture share in a structurally growing precision-components market," said SMIFS.

BP Equities
Rating: Subscribe
The issue of Indo-MIM is valued at a P/E multiple of 44.6 times based on FY26 diluted EPS of Rs 10.9. Considering its technology leadership, diversified end-market presence, integrated manufacturing platform, healthy financial performance and favourable long-term industry prospects, we believe the valuation is justified, said BP Equities and assigned a 'subscribe' rating to the issue.

KC Securities
Rating: Subscribe 
Indo-MIM is also well positioned to capitalize on the China+1 manufacturing shift, supported by India's favourable policy framework, PLI incentives, and rapidly expanding manufacturing ecosystem, said KC Securities. "We believe Indo-MIM is positioned to deliver sustainable earnings growth over the long term, supporting its premium valuation," it added with a 'subscribe' rating.

Marwadi Financial Services
Rating: Subscribe
"We assign a 'subscribe' rating to this IPO as the company has global leadership in manufacturing precision engineering components using MIM technology along with a diversified product portfolio catering to applications across multiple industries," said Marwadi Financial Services. "It also benefits from long-standing relationships with Indian and global OEMs."

Equivision
Rating: Susbcribe
Indo-MIM has delivered consistent growth. It also maintains healthy profitability. It is the world's largest MIM manufacturer, with a 6.8 per cent global market share in CY25. Its diversified presence across automotive, defence, medical, consumer, and aerospace sectors supports long-term growth while reducing dependence on any single industry, said Equivision.

"The company derived three-fourth of FY26 revenue from international markets, reflecting its strong global customer base and diversified geographic footprint, which supports long-term growth opportunities across multiple regions. It sourced 60.95 per cent of its raw materials in FY26 through imports, providing access to specialized inputs required for high-precision manufacturing," it said with a 'subscribe' tag.