MARC Technocrats Ltd. IPO...
12 Dec, 2025
Exim Routes IPO
Exim Routes IPO is a book-building issue of ₹43.73 crores that comprises a fresh issue of 0.50 cr shares.
The price band is ₹83–₹88 per share and the lot size for an application is 1,600 shares (minimum 2 lots = 3,200 shares). The minimum amount for investment by a retail investor is ₹2,81,600 (3,200 shares at upper price band). The minimum lot size investment for HNI is 3 lots (4,800 shares), amounting to ₹4,22,400.
The IPO will open on December 12, 2025 and close on December 16, 2025. Exim Routes IPO will list on NSE SME on December 19, 2025.
Narnolia Financial Services Ltd. is the book running lead manager and Maashitla Securities Pvt. Ltd. is the registrar of the issue. The Market Maker is Nikunj Stock Brokers Ltd.
Company Background
Exim Routes Ltd was incorporated in April 2019 and operates as a tech-forward global recyclable exchange platform headquartered in Gurugram, Haryana. The company specializes in sourcing waste paper from over 20 countries worldwide and supplying it to Indian paper mills through its AI-powered B2B marketplace ERIS.
Founded by an IIT Roorkee paper engineering graduate, the company manages subsidiaries in Singapore, USA, Germany, Dubai, UK, South Africa and Sri Lanka, exporting 8,000 MT of recycled paper monthly to India and Southeast Asia.
Operation and Product Range
Exim Routes Ltd. runs a fully digital, asset-light model powered by its AI-driven ERIS platform, offering real-time analytics, supplier verification and automated contract matching. The system integrates blockchain for traceability, predictive pricing algorithms and compliance checks while handling 8,000 MT monthly volumes without physical warehouses or fleets.
Facility and Market Presence
Exim Routes maintains lean virtual operations from its Gurugram HQ, supported by seven international subsidiaries for localized sourcing. Its market spans suppliers in Europe, North America, Middle East, Africa and Asia, delivering to 20+ premium Indian paper mills. The company is also targeting expansion into plastics and metals within India’s $10B+ recycling sector.
Revenue Channels
Exim Routes generates revenue primarily through:
- Trading margins on recyclable paper sourced globally.
- Commissions from ERIS platform matchmaking.
- Logistics and service fees for procurement, quality assurance and cross-border coordination.
- Value-added risk hedging and analytics subscriptions.
Management and Shareholding
Promoters and Shareholding
Exim Routes Ltd is promoted by its experienced founders who collectively hold 71.35% pre-IPO. This will reduce to 52.44% post-IPO, meeting SEBI norms. No institutional investors are present pre-IPO, showing promoter-led control.
Board Members
The board includes professional members with expertise in trade, supply chain and operations, ensuring strong corporate governance.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Exim Routes IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Exim Routes IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 12, 2025 to December 16, 2025 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Issue Price Band | ₹83 to ₹88 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 49,69,600 Shares (aggregating up to ₹43.73 Cr) |
| Reserved for Market Maker | 2,49,600 Shares (aggregating up to ₹2.20 Cr) Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 47,20,000 Shares (aggregating up to ₹41.54 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,37,82,400 Shares |
| Share Holding Post Issue | 1,37,82,400 Shares |
Exim Routes IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Dec 12, 2025 |
| IPO Close Date | Tue, Dec 16, 2025 |
| Tentative Allotment | Wed, Dec 17, 2025 |
| Initiation of Refunds | Thur, Dec 18, 2025 |
| Credit of Shares to Demat | Thur, Dec 18, 2025 |
| Tentative Listing Date | Fri, Dec 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Dec 16, 2025 |
Exim Routes IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,81,600 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Min) | 3 | 4,800 | ₹4,22,400 |
| S-HNI (Max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (Min) | 8 | 12,800 | ₹11,26,400 |
Exim Routes IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 71.35% |
| Promoter Holding Post Issue | 52.44% |
Competitive Strength:
- • Global sourcing network across 15= countries, managing 100= international yards and supplying 50+ Indian paper mills with 8000 MT monthly recyclable volume.
- • Efficient end-to-end operations via subsidiaries in USA, Singapore, Germany, Dubai, UK, South Africa and Sri Lanka for compliant procurement and logistics.
- • Over 80 years of strong brand legacy that has made Ganesh a trusted household name in the FMCG market of eastern India.
- • Experienced promoters with trade and supply chain expertise, driving rapid growth from ₹36 Cr revenue in FY23 to ₹121 Cr in FY25.
Exim Routes IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 June 2025 | 50.979 | 44.17 | 1.17 | 16.38 | 5.10 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 47.62 | 120.99 | 7.56 | 15.60 | 2.75 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 20.53 | 72.39 | 4.20 | 1.18 | 1.46 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 6.63 | 36.46 | 0.37 | 0.56 | 2.86 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.28% |
| ROCE | 26.81% |
| Debt/Equity | 42.28% |
| RoNW | 18.52% |
| PAT Margin | 0.18 |
| EBITDA Margin | 8.24% |
| Price to Book Value | 7.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.49 | 2.50 |
| P/E (x) | 16.04 | 35.18 |
Objective Of Exim Routes IPO
- •Funding entry into new recyclable categories such as plastics and metals.
- •Investing in risk management systems and hedging mechanisms.
- •Strengthening ESG and sustainability initiatives including traceability and compliance frameworks.
Conclusion
Exim Routes IPO offers exposure to a tech-enabled global recyclables trading leader, specializing in waste paper through its ERIS platform. The fresh capital will support platform upgrades, international expansion, risk management and diversification. With strong promoter control and a scalable model, the company is positioned for growth in India’s $10B+ recycling market.
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Frequently asked Questions (FAQs )
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What are the Exim Routes IPO dates and price band?
The IPO will open on December 12, 2025 and close on December 16, 2025. The price band is set at ₹83 to ₹88 per share.
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Where will the Exim Routes IPO be listed?
Exim Routes IPO will be listed on the NSE SME platform, with the tentative listing date fixed as December 19, 2025.
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What exactly does Exim Routes do?
Exim Routes is a Gurugram-based tech platform specializing in global recyclables trading, sourcing waste paper from 20+ countries for Indian paper mills via its AI-powered ERIS system.
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How much is the Exim Routes IPO size and Issue type?
The IPO issue size is ₹43.73 crores and the issue type is a book-built fresh issue.
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What is the lot size of the Exim Routes IPO?
The lot size is 1,600 shares, with a minimum investment of ₹2,81,600 for retail investors at the upper price band.
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How will the IPO proceeds be used?
Proceeds will fund ERIS platform expansion, global subsidiaries strengthening, diversification into new recyclables and general corporate purposes
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