Indo-MIM's Rs 3,811 crore IPO opens for subscription on July 23 with a price band of Rs 461-485 per share. The precision engineering firm plans to use Rs 400 crore from the fresh issue to reduce its debt. Shares are currently trading at a 40% premium in the grey market, reflecting strong early interest.
Detailed Coverage
Indo-MIM, a Bengaluru-based precision engineering company, is launching its initial public offering (IPO) on July 23. The company aims to raise Rs 3,811.21 crore through this public issue, which will remain open for subscription until July 27. Investors can bid for a minimum of 30 shares, or one lot, at the upper price band of Rs 485, requiring an investment of Rs 14,550.
The IPO structure consists of a fresh issue of Rs 500 crore and an offer for sale (OFS) of up to Rs 3,312 crore. In the OFS, existing shareholders—including Green Meadows Investments, Anuradha Koduri, and the Indian Institute of Technology Madras—are selling portions of their stakes. Notably, the fresh issue component was previously adjusted downward from its original target of Rs 1,000 crore to the current Rs 500 crore level.
Financial data indicates a healthy performance for the company. In fiscal 2026, Indo-MIM reported a profit of Rs 533.5 crore, marking a 26% growth compared to the previous year. Revenue also grew by 26% to reach Rs 4,193 crore. Following the IPO, the company’s estimated market capitalization at the upper price band is approximately Rs 23,981.4 crore.
A key focus for investors is the company’s capital allocation strategy. Out of the Rs 500 crore fresh issue, the firm intends to use Rs 400 crore to pay down its outstanding borrowings. As of May 2026, the company reported consolidated debt of Rs 1,212.3 crore. Reducing this debt load is a strategic move aimed at improving the company’s financial flexibility.
While grey market sentiment shows a premium of around 40%, or approximately Rs 194 per share, investors should note that grey market premiums are unofficial and can fluctuate based on market demand and sentiment. The final allotment of shares is expected to be finalized by July 28, with the stock listing on the BSE and NSE scheduled for July 30.
The public issue is supported by several major investment banks, including HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets. Moving forward, shareholders will likely monitor the company’s ability to sustain its growth trajectory and the effective utilization of the fresh funds to manage its debt obligations.