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Indo-MIM IPO
72.27xsubscribed

Indo-MIM IPO

Engineering
listed
₹13,830Min. investment

Indo-MIM IPO Details

SectorEngineering
Price range₹461 – ₹485
IPO type
Regular
Lot size30 shares
Issue size₹3,811Cr
Red Herring Prospectus
Read
Market cap
₹23,981CrHigher than sector avg
RevenueApr 2025 - Mar 2026
₹4,192.9CrHigher than sector avg
Growth rate3Y CAGR
20.86%Higher than sector avg

Indo-MIM IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Jul-26
0.01 times (X)
3.02 times (X)
0.87 times (X)
1.13 times (X)
24-Jul-26
0.81X
6.53X
1.24X
2.25X
27-Jul-26
144.11X
50.35X
6.57X
72.27X

As on 23-Jul-26, 5:30 PM

Indo-MIM IPO Timeline

  1. Pre-apply
    21 Jul 2026
  2. Bid start
    23 Jul 2026
  3. Bid end
    27 Jul 2026
  4. Allotment
    28 Jul 2026
  5. Release of funds
    29 Jul 2026
  6. Demat transfer
    29 Jul 2026
  7. Listing
    30 Jul 2026

About Indo-MIM

INDO-MIM is a precision engineering company that manufactures complex metal components using Metal Injection Molding (MIM) technology. It is the largest MIM component manufacturer globally, with a 6.8% market share by MIM revenue in calendar year 2025, as per the F&S report.
The company has improved its capabilities across the entire manufacturing process, including product design, mold development, tooling, manufacturing, finishing and assembly, over the last 25+ years. Other than MIM, the company has expanded its business into investment casting, precision machining, ceramic injection molding and metal 3D printing, which enables it to cater to industries such as automotive, defence, medical, aerospace and consumer products. It manufactured more than 9,000 different product types during FY26.
INDO-MIM operates through five major product segments. The Automotive Products Group (APG) manufactures components that are used in vehicle safety systems, fuel systems, powertrain and interior applications. The Defence Products Group (DPG) makes firearm components such as triggers, hammers and sights. The Medical Products Group (MPG) supplies precision parts which are used in endoscopy, laparoscopy, dental robotics and orthopaedic devices. The Consumer Products Group (CPG) manufactures fashion accessories, cellphone components, crossbow parts, tools and hardware products. The Aerospace Products Group supplies critical components such as manifolds, housings, adaptors, nozzles, clevises and brackets to aerospace OEMs.
INDO-MIM operates 15 manufacturing facilities across four countries, including six facilities in India, six in the United States, two in the United Kingdom and one in Mexico as of the date of RHP. The company's business is largely export-oriented. Revenue from customers outside India accounted for 77.2% of total revenue in FY26 compared with 88.2% in FY24. Its manufacturing facilities are certified under several international quality standards, including NADCAP, IATF 16949:2016, AS 9100:2016, ISO 9001:2015, ISO 14001:2015, ISO 13485:2016, ISO 27001:2022 and ISO 45001:2018.
The company has also scaled up its business through acquisitions. It acquired Triax Industries LLC (USA), which is an investment casting company, in FY21 for $12.50 million. It later acquired Conway Marsh Garrett Technologies Limited (UK) for £10.53 million, strengthening its presence in MIM and metal 3D printing, and acquired Phoenix DeVentures II Inc. (USA) for $15.80 million, which has added medical device design capabilities. The company has also entered into a joint venture with AUFLEX Co. Ltd., South Korea, to establish INDO Flex Precision Private Limited for manufacturing foldable hinge modules. In addition, it incorporated INDO-MIM Arms Components Private Limited in December 2025 to expand its defence business.
INDO-MIM served more than 1,100 customers, with repeat customers accounting for 79.64%, which contributed 91.60% of total revenue in FY26. The company employed 4,424 permanent employees in India, including 4,100 engineers, metallurgists, designers, toolmakers and technicians, along with 497 trainees, as of March 2026. The Doddaballapura plant has the largest installed capacity of 69.36 crore parts among all MIM facilities. It produced 22.31 crore parts, resulting in 32.16% capacity utilisation in FY26, compared with 36.25% in FY25. The Hoskote MIM facility operated at 24.56% utilisation in FY26, lower than 36.45% in FY25. The company's San Antonio facility in the United States operated at 25.99% utilisation in FY26, compared with 34.09% in FY25 and the Conway Marsh Garrett facility in the United Kingdom recorded 16.74% utilisation during FY26.
The global MIM market is expected to grow at a CAGR of 9.2% to reach $6.2 billion by 2030, with the medical segment expected to grow at 11.6% CAGR and the defence segment at 8.8% CAGR, both of which are key markets for the company. The global Ceramic Injection Moulding (CIM) market is expected to grow from $450 million in 2025 to $626 million by 2030, reflecting a 6.8% CAGR.
3D printing is expected to witness the highest growth. The global 3D printing market is expected to grow from $23 billion in 2025 to $63 billion in 2030, at a CAGR of 22.3% from 2025 to 2030. The precision engineering components industry has high barriers to entry, making it difficult for new firms to enter. Manufacturers are required to make large up-front investments in tooling, molds and specialised production equipment, and develop technical expertise, to be able to manufacture highly complex precision components.
The company also plans to set up an iron powder manufacturing facility as part of its backward integration process to reduce dependence on external suppliers. The company plans to leverage its manufacturing capabilities, including MIM, ceramic injection molding, investment casting, and metal 3D printing, to pursue growth avenues across various industry segments.
Now, Indo-MIM Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹3,312 crore. The total issue size of the IPO is ₹3,812 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Lohia Corp IPO?

You can pre-apply for Lohia Corp IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Lohia Corp IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Lohia Corp IPO?

If you are interested in this investment opportunity but unsure how to apply for Lohia Corp IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Lohia Corp IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Lohia Corp IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Lohia Corp IPO allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Lohia Corp IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Lohia Corp IPO allotment status will be mentioned.

Indo Mim IPO Analysis

IPO REVIEW

Indo-MIM IPO | Analysis Video

Should you apply?

Watch our analysts break down the Indo Mim IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Global leader in MIM

The company is one of the largest manufacturers of precision engineering components using Metal Injection Molding (MIM) technology in the world, with a 6.8% market share by MIM revenue in 2025. In March 2026, the company offered more than 80 alloying options. It can also create 45-50 new tools each month, enabling it to accelerate product development and introduce new products more rapidly.

Strong customer relationships

The company has developed long-term relationships with several leading Indian and global OEMs. Its oldest customer relationships have continued for 17 years since FY10. Repeat customers accounted for 79.6%, 74.5% and 78.7% of customers served in FY26, FY25 and FY24, respectively, while contributing 91.60%, 90.91% and 93.76% of revenue during the same period.

Diversified product portfolio

The company supplied more than 650 automotive products, 900 defence products, 2,000 medical products, 650 consumer products and 2,000 aerospace products during FY26. Automotive Products Group contributed 24.61%, followed by Defence Products Group at 18.69% and Medical Products Group at 18.08% in FY26.

Global manufacturing network

The company has 15 manufacturing sites, including six in India, six in the United States, two in the United Kingdom and one in Mexico, allowing it to serve customers in key global markets and offering supply chain flexibility.

Strong export presence

Global operations are underpinned by three sales offices in China, Germany and the United States and 13 sales representatives in nine other countries. Exports still make up the majority of revenue, accounting for 77.2% of revenue in FY26 and 89.9% in FY25. During the same period, the company exported more than 21 crore, 30 crore and 25 crore precision components.

Strong financial track record

ROE improved from 14.1% in FY24 to 21.2% in FY26. ROCE improved from 19.5% to 26.6% during the same period. Revenue from operations increased with annual revenue growth of 6.6%, 16% and 25.9% in FY24, FY25 and FY26, respectively. Debt-to-net-worth ratio declining from 0.53x in FY24 to 0.39x in FY26.

Objectives of Indo Mim IPO

Repayment of debt
80.00%
The company will use ₹400 crore for repayment of certain borrowings availed by it.
General corporate purposes
20.00%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹4,192.9Cr20.86%₹533.5Cr₹23,981Cr43.850.39
This sector (avg.)₹342.41Cr0.01%₹38.53Cr₹1,862.48Cr31.540.53
₹10,670.1Cr---₹1,263.5Cr₹39,460.23Cr31.400.10
₹2,217.81Cr---₹423.66Cr₹10,977.95Cr26.730
₹3,087.59Cr---₹471.9Cr₹9,693.55Cr18.040.01

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Indo-MIM IPO Contact Details

Company NameIndo-MIM

How to apply for Indo-MIM IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Indo Mim IPO FAQs