Indo-MIM IPO fully subscribed on day 1; NII category leads subscription
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Indo-MIM Limited's IPO was fully subscribed 1.11 times on its opening day, with strong interest from non-institutional investors, particularly in the smaller investment category. However, retail and qualified institutional buyers showed muted responses, subscribing only 0.85 times and 0.17 times their respective quotas. Analysts have given a 'Subscribe' rating based on the company's strong financial performance and market position, with shares set to list on July 30, 2026.
The initial public offering (IPO) of Indo-MIM Limited, the world’s largest metal injection molding (MIM) manufacturer, was fully subscribed 1.11 times on its opening day of bidding, July 23, 2026, though subscription levels varied sharply across investor categories.
The non-institutional investor (NII) segment led the charge, subscribing 2.95 times its allotted portion by close of day. Within this, the smaller NII bucket, bids between ₹2 lakh and ₹10 lakh, was subscribed 3.53 times, while the larger NII bucket came in at 2.67 times. The employee reservation portion was subscribed 1.47 times.
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Retail individual investors (RIIs) subscribed only 0.85 times their reserved quota, remaining the only category yet to be fully covered. The qualified institutional buyer (QIB) segment stood at just 0.17 times, though QIBs traditionally hold back until the final day of a three-day bidding window, making the current figure unreflective of likely final demand.
The IPO, open from July 23 to July 27, comprises a fresh issue of ₹500 crore and an offer-for-sale of 6.829 crore shares worth approximately ₹3,812 crore at the upper price band of ₹485 per share. Proceeds from the fresh issue are primarily earmarked for debt repayment of ₹400 crore, with the remainder for general corporate purposes.
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Choice Broking, Anand Rathi, and Swastika Securities assigned a “Subscribe” rating. Choice Broking valued the issue at a post-issue P/E of 39.2x on adjusted FY26 EPS of ₹12.37, citing the company’s EBITDA margin of 25.5 per cent and ROCE of 20.8 per cent. Anand Rathi pegged the valuation at approximately 45x FY26 earnings, calling it reasonable given Indo-MIM’s global market leadership and integrated manufacturing platform. Swastika noted the premium pricing but said the company’s technological edge and global footprint justify the valuation.
Indo-MIM reported FY26 revenue from operations of ₹4,193 crore, a 25.9 per cent year-on-year increase, with adjusted PAT of ₹611.6 crore. The shares are scheduled to list on BSE and NSE on July 30, 2026.
Original Article
Published on Hindu BusinessLine