Summary of this article
Indo-MIM IPO GMP slipped to Rs 165 as bidding entered Day 2
NII investors continued to lead subscription, while retail quota crossed full subscription
The Rs 3,811 crore IPO will close for subscription on July 27
The grey market premium (GMP) for the Indo-MIM initial public offering (IPO) softened as the issue entered its second day of bidding on July 24. After receiving a full subscription on the opening day, the public issue continued to attract bids across investor categories.
Indo-MIM IPO GMP Today
The latest GMP for the Indo-MIM IPO stood at Rs 165 per share on July 24, down from Rs 170 recorded a day earlier. Based on the upper end of the price band at Rs 485, the grey market indicates a likely listing price of around Rs 650 per share, implying a premium of about 34 per cent over the issue price.
GMP, however, is an unofficial market indicator and does not guarantee listing gains.
Indo-MIM IPO Subscription Status Day 2
As of 10:50 AM on the second day of bidding, the Indo-MIM IPO was subscribed 1.51 times. Demand continued to be driven by non-institutional investors (NIIs), whose quota was subscribed 4.08 times. The retail portion was subscribed 1.12 times, while the qualified institutional buyers (QIBs) segment, excluding anchor investors, was subscribed 0.25 times. The employee reservation was subscribed to 1.87 times.
Indo-MIM IPO Price Band And Lot Size
Indo-MIM has fixed the IPO price band at Rs 461-485 per share. Investors can bid for a minimum of 30 shares and in multiples thereafter. At the upper price band, the minimum investment required from retail investors is Rs 14,550.
For small non-institutional investors (SNIIs), the minimum application size is 14 lots, or 420 shares, requiring an investment of Rs 2.04 lakh. Big non-institutional investors (bNIIs) need to apply for at least 69 lots, or 2,070 shares, translating into an investment of Rs 10.04 lakh.
The issue also reserves 2,00,000 shares for eligible employees, who are being offered a discount of Rs 45 per share.
Indo-MIM IPO Issue Structure, Objectives
The Rs 3,811.21 crore IPO comprises a fresh issue of 10.31 million equity shares worth Rs 499.10 crore and an offer for sale (OFS) of 68.29 million shares worth Rs 3,311.21 crore by existing shareholders.
The company plans to use Rs 400 crore from the fresh issue proceeds to repay or prepay certain outstanding borrowings, while the remaining funds will be used for general corporate purposes.
About Indo-MIM
Founded in 1996, Indo-MIM manufactures precision engineering components using metal injection moulding (MIM) technology. It also offers products made through investment casting, precision machining, ceramic injection moulding and 3D metal printing.
The company serves customers across the automotive, defence, medical, aerospace and consumer sectors. As of March 31, 2026, it operated 15 manufacturing facilities across India, the US, the UK and Mexico and had a customer base of more than 1,100 globally.
Indo-MIM Financial Performance
For the financial year ended March 31, 2026, Indo-MIM reported total income of Rs 4,320.70 crore, up from Rs 3,373.97 crore in the previous financial year. Profit after tax increased to Rs 533.54 crore from Rs 423.73 crore, while Ebitda rose to Rs 1,070.92 crore from Rs 932.60 crore. The company's total assets grew to Rs 4,897.33 crore from Rs 4,140.84 crore, and its net worth increased to Rs 2,819.55 crore from Rs 2,199.43 crore. Reserves and surplus stood at Rs 2,573.46 crore, compared with Rs 2,030.81 crore a year ago, and the company’s total debt declined to Rs 1,090.49 crore from Rs 1,247.20 crore.
Its return on equity and return on net worth stood at 21.26 per cent, while return on capital employed was 26.60 per cent. The debt-to-equity ratio improved to 0.39 from 0.57 a year earlier. The company reported a PAT margin of 12.72 per cent and an Ebitda margin of 25.54 per cent. Based on FY26 earnings, the IPO is valued at a post-issue price-to-earnings ratio of 44.95 times and a price-to-book value of 10.63.
