Indo-MIM Ltd's ₹3,811.21 crore IPO continued its impressive performance on the second day of bidding, with robust investor response across categories. According to The Hindu BusinessLine, the issue was subscribed 3.07 times by 4:44 pm on July 24, with cumulative subscription jumping sharply from 1.11 times at the end of Day 1. The non-institutional investor (NII) portion led the demand with 8.44 times subscription, while the retail individual investor (RII) category was subscribed 1.89 times and the qualified institutional buyer (QIB) category was subscribed 1.11 times. The employee quota was subscribed 3.02 times, with the precision engineering manufacturer's shares continuing to trade at a Grey Market Premium (GMP) of ₹165, signaling a potential 34% listing premium over the upper price band of ₹485. The IPO will close on July 27, 2026, with shares set to list on BSE and NSE on July 30, 2026. The minimum investment for retail investors works out to ₹14,550 for the minimum lot of 30 shares, with the company reserving 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional institutional investors.
According to The Hindu BusinessLine, the non-institutional investor category demonstrated exceptional performance across all segments on Day 2. The smaller NII bucket (bids between ₹2 lakh and ₹10 lakh) led the segment at 8.80 times subscription, while the larger NII bucket achieved 8.26 times subscription. Individual non-institutional bidders dominated both categories, contributing 6.07 crore shares in the larger bucket and 3.34 crore shares in the smaller one. The QIB segment crossed the fully-subscribed mark on Day 2, reaching 1.11 times against 0.17 times on Day 1, with foreign institutional investors being the most active at 1.05 crore shares and mutual funds maintaining steady demand at 10.31 lakh shares. The retail individual investors more than doubled their Day 1 subscription level, moving from 0.85 times to 1.89 times by end of Day 2, with 4.29 crore shares bid at cut-off against 89.87 lakh shares at specific price points. With one day of bidding remaining, all categories are now fully subscribed, leaving significant room for institutional demand to build on Day 3.
Indo-MIM successfully raised ₹1,141 crore from anchor investors on July 22, demonstrating strong institutional confidence in the IPO. According to the company's filing to exchanges, 92 anchor investors participated in the anchor book, picking up 2.35 crore equity shares worth ₹1,140.99 crore at the upper end of price band. Notably, 1.32 crore equity shares were allocated to domestic mutual funds through 60 schemes, accounting for 55.98% of the anchor portion, including major players such as ICICI Prudential AMC, HDFC MF, SBI Mutual Fund, Kotak Mahindra AMC, Aditya Birla Sun Life AMC, Axis MF, HSBC MF, Mirae Asset, Quant MF, LIC MF, and Invesco. The company plans to utilise ₹400 crore from the fresh issue proceeds towards pre-payment or repayment of certain outstanding borrowings, while the remaining amount will be used for general corporate purposes. As of May 2026, the company's consolidated outstanding borrowings stood at ₹1,247.20 crore, which has been reduced to ₹1,090.49 crore as of the latest financial data, indicating significant balance sheet improvement. Prior to the IPO, the company mobilised ₹1,140.99 crore from anchor investors, including Government Pension Fund Global, Amansa Holdings, BlackRock Global Funds, Goldman Sachs, Natixis International Fund, Societe Generale, and other institutional investors. The issue has drawn participation from global institutions including BlackRock and Prashant Jain-backed 3P India, with more than half of the anchor allocation going to domestic mutual funds, reflecting strong institutional interest in the precision engineering manufacturer.
The IPO comprises a fresh issue of ₹500 crore and an offer for sale of ₹3,311.21 crore by existing shareholders and promoters, including Green Meadows Investments, Anuradha Koduri, and the Indian Institute of Technology Madras. According to Mint, under the OFS, Green Meadows Investments will sell 6.05 crore equity shares, while Anuradha Koduri and the Indian Institute of Technology Madras (IIT Madras) will divest 54.59 lakh shares and 23.07 lakh shares, respectively. Post-issue, IIT Madras will hold 23.08 lakh equity shares or 0.47% of post-issue expanded equity on the upper price band. The IPO is priced in the price band of ₹461 to ₹485 per share with a minimum order quantity of 30 equity shares. The issue opened for bidding on Thursday (July 23, 2026) and will close on Monday (July 27, 2026). At the upper end of the price band, Indo MIM is valued at nearly ₹24,000 crore. The company reported FY26 revenue from operations of ₹4,193 crore, representing a 25.9% year-on-year increase from ₹3,373.97 crore in FY25, with adjusted PAT of ₹611.6 crore. The company's diversified manufacturing capabilities include advanced technologies such as investment casting, precision machining, ceramic injection molding and 3D metal printing, enabling efficient catering to demand across automotive, defence, medical, consumer and aerospace segments. During FY26, the company manufactured more than 9,000 product types serving sectors including automotive, defence, medical devices, consumer goods and aerospace, with overseas markets generating 77.2% of its FY26 revenue and its 10 biggest customers accounting for 38.4% of total revenue.
Brokerages have largely maintained a positive outlook on the Indo-MIM IPO, citing the company's global leadership in the metal injection molding (MIM) segment. According to The Hindu BusinessLine, Choice Broking, Anand Rathi, and Swastika Securities have assigned a 'Subscribe' rating for the IPO. Anand Rathi noted the valuation at approximately 45x FY26 earnings as reasonable given Indo-MIM's position as the world's largest MIM manufacturer with a 6.8% global market share. The brokerage believes the valuation is reasonable given Indo-MIM's global leadership in MIM, diversified end-user exposure, integrated manufacturing capabilities and strong export franchise, recommending subscribing to the issue from a medium- to long-term investment perspective. Swastika Investmart also recommends investors apply for the IPO, highlighting that Indo-MIM is the world's largest Metal Injection Molding (MIM) company by installed capacity, with a diversified presence across the automotive, aerospace, defence, medical and consumer sectors. The brokerage noted that the company reported around 25.9% revenue growth and 26% PAT growth in FY26, along with a RoNW of 21.3% and ROCE of 26.6%. It added that the ₹400 crore debt repayment planned from the fresh issue proceeds will further strengthen the company's balance sheet, recommending applying for both listing gains and long-term wealth creation. At the upper price band of ₹485, Geojit Financial Services has recommended a 'Subscribe' rating for the IPO with a short-to-medium-term investment horizon, citing the company's global leadership in MIM technology, integrated manufacturing platform, strong export presence, and healthy financial performance. Merchant bankers HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets are managing the Indo-MIM IPO. HDFC Bank Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.
