Indo-MIM, the world’s largest manufacturer of precision engineering components using Metal Injection Molding (MIM) technology, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO. The issue comprises a fresh issue of equity shares aggregating up to INR 1,000 crore and an OFS of up to 12.97 crore shares.
Indo-MIM IPO: Company Overview
Indo-MIM, founded in 1996 and headquartered in Bangalore, is the world’s largest manufacturer of precision engineering components using Metal Injection Molding (MIM) technology, with a 7% global market share in FY25. The company has retained this leadership position for the past five years.
The company operates on a diversified product portfolio across five key sectors: automotive, defence, medical, consumer, and aerospace, with over 6,400 components manufactured in FY25. Its products are mission-critical in applications ranging from vehicle safety systems and surgical devices to aerospace assemblies and firearm components.
Indo-MIM’s business is export-oriented, with nearly 90% of FY25 revenue coming from outside India, primarily North America, Europe, and South-East Asia. This global presence is supported by 15 manufacturing facilities (six in India, six in the US, two in the UK, and one in Mexico) and sales offices in China, Germany, and the US, along with dedicated representatives across multiple international markets.
The company has consistently invested in broad-based manufacturing capabilities beyond MIM, including investment casting, ceramic injection molding, precision machining, and metal 3D printing. These complementary technologies enable Indo-MIM to serve complex, high-specification demands across industries and strengthen customer stickiness.
Indo-MIM enjoys a loyal customer base, with over 90% of revenues in FY25 contributed by repeat customers. It has long-standing relationships with global OEMs, built on its ability to deliver precision, reliability, and scale.
With its leadership in MIM technology, a highly export-driven model, diversified sector exposure, and consistent financial growth, Indo-MIM positions itself as a rare play in India’s precision engineering and advanced manufacturing sector.
Financial Performance
Indo-MIM has showcased strong revenue growth and profitability despite cyclical industry challenges.
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 2,692.76 | 2,870.40 | 3,329.58 |
| EBITDA | 782.53 | 743.46 | 932.60 |
| EBITDA Margin (%) | 29.06% | 25.90% | 28.01% |
| PAT | 462.69 | 283.73 | 423.73 |
| PAT Margin (%) | 17.18% | 9.88% | 12.73% |
| ROE (%) | 25.37% | 14.01% | 19.94% |
| Net Debt/EBITDA | 0.61 | 1.15 | 1.15 |
- Revenue grew at a CAGR of 11% (FY23–25).
- Margins improved in FY25 as demand rebounded, with PAT margin rising to 12.73%.
- Strong return ratios reflect efficiency despite debt-funded expansion.
Shareholding and Promoters
- Green Meadows Investments – 90.84%
- Jagdamba Chandrasekhar – 1.16%
- Anuradha Koduri – 1.13%
Pre-offer, promoters and promoter group hold 93.13% of equity.
The OFS includes:
- Green Meadows Investments – up to 12.05 crore shares
- Anuradha Koduri – up to 54.6 lakh shares
- John Anthony Dexheimer – up to 14 lakh shares
- IIT Madras – up to 23.1 lakh shares
IPO Structure
- Fresh Issue: INR 1,000 crore to be used primarily for repayment/prepayment of borrowings and general corporate purposes.
- Offer for Sale: 12.97 crore shares, enabling partial exits for financial and institutional investors.
Book Running Lead Managers (BRLMs): HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, and SBI Capital Markets.
Registrar: MUFG Intime India
Competitive Strengths
- Global leadership in MIM technology with fastest new product introduction cycle (45–50 new tools/month).
- Diversified technologies: Beyond MIM, also strong in investment casting, ceramic injection molding, precision machining, and 3D printing.
- Sticky customer base: 90%+ revenues from repeat clients across 1,000+ global customers.
- Robust order visibility: Components typically single-sourced due to high tooling costs and stringent validation, reducing churn risk.
- Recognitions: Multiple awards, including “Best of Best – Quality Award” from Cummins (2025) and “India Sustainability Supplier Award” from Bosch (2024).
Risks and Considerations
- High Dependence on Exports: Nearly 90% of revenues tied to overseas markets, exposing it to forex and geopolitical risks.
- Capital Intensive: Manufacturing molds and R&D require heavy upfront investments.
- Debt Levels: Net Debt/EBITDA at 1.15x in FY25, though IPO proceeds will bring leverage down.
- Cyclicality in End-Use Industries: Demand fluctuations in auto, defence, and aerospace could impact growth.
Final Words
Indo-MIM IPO is a blend of growth and partial investor exit. The company stands out with its global dominance in MIM, consistent repeat customer revenues, and diverse industrial exposure.
The INR 1,000 crore fresh issue targeted mainly for debt repayment will improve balance sheet resilience, while strong ROE (19.94%) and EBITDA margin (28.01%) highlight its operational efficiency. Indo-MIM’s scale, export orientation, and technological edge make it one of the most significant manufacturing IPOs in recent years.
The most recent IPO from this industry was Gala Precision Engineering, launched in September 2024 with an issue size of INR 167.93 crore. The IPO proved highly successful, delivering an impressive 43% listing gain on debut.
Subsequently, in January 2025, the stock surged to a high of INR 1,379, representing nearly a 160% return from its IPO price. Although it has since corrected and is currently trading around INR 768, it still offers investors a solid return of approximately 45% from the issue price.
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