Indo-MIM IPO

The INDO-MIM IPO is a book-built issue, comprising a fresh issue of ₹1,000 Cr and an offer for sale (OFS) of 129,674,393 equity shares with a face value of equity shares for ₹2 each. The company filed its DRHP on September 26, 2025.

The price band and other official dates of listing and bidding will be disclosed by the company later, but the equity shares are proposed to be listed on the BSE and the NSE. To manage this issue, the company appoints a team of lead managers, including Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., JM Financial Ltd. and J.P. Morgan India Private Ltd., while Link Intime India Private Ltd. will serve as the Registrar to the Offer.

Company Background

Indo-MIM Ltd. was founded in 1996 in Bengaluru, Karnataka, as a joint venture and later became an entirely independent global giant. The company has evolved from a niche entrepreneurial venture to become one of the largest component producers in the world, utilizing metal injection molding technology. This is evident in its capacity to mass-produce complex and precise metal components, which were previously difficult or costly to produce through conventional processes.

The company is currently a vital supplier to various high-growth sectors around the world. Starting from its inception in Bengaluru, the company has stretched its corporate influence to cover international markets, including North America, Europe and Asia. This has enabled the company to protect itself from economic downturns in specific regions while leveraging global value chains.

Operations & Product Range

The core operations of INDO-MIM Ltd. involve a refined process known as Metal Injection Molding (MIM), which combines the design flexibility of plastic injection molding with the strength and integrity of wrought metals. It also provides precision machining and investment casting services to offer a "one-stop shop" solution for its clients.

The product range is vast and caters to diverse end-markets. In the medical sector, they produce surgical instruments and implants. The automotive industry they manufacture turbocharger components and fuel systems. 

Facilities & Capacity

INDO-MIM Ltd. has several state-of-the-art manufacturing facilities. In India, its main manufacturing facilities are situated at Hoskote and Doddaballapur, Karnataka. The company has a substantial manufacturing base in San Antonio, Texas, which is its main hub in North America. The company plans to enhance its facility in Chennai, Tamil Nadu, to raise the installed capacity for MIM and precision machining. This will enable the company to cater to the growing demand for complex metal parts in the global market. The company has a manufacturing facility in Singapore.

Brands & Market Presence

The “INDO-MIM” brand is very well known in the international engineering community as a standard for quality in precision components and is a leader in the global MIM market and is also ranked as one of the largest players by capacity and revenue. A large part of INDO-MIM Ltd. comes from exports to developed markets such as the United States and Europe, and it also has various international certifications, such as IATF 16949 for automotive quality, ISO 13485 for medical devices, and AS9100 for aerospace and defense. These act as barriers to entry for their competitors and also make them a trusted partner for the international Original Equipment Manufacturers.

Revenue Streams & Business Model

The main source of revenue for INDO-MIM Ltd. is the sale of precision metal components. The model is based on being a strategic partner to its customers, sometimes even being involved in the initial design phase of a component. This results in high switching costs and a constant flow of revenue throughout the life cycle of a customer’s product.

In terms of revenue, the company has been extremely export-dependent, with a majority of the total revenue being generated through exports. In Fiscal Year 2025, the revenue generated from operations stood at approximately ₹15,483 million. The spread of customers across different geographies ensures that it receives revenue in different currencies, making it immune to local economic fluctuations.

Management & Shareholding

INDO-MIM Ltd. is led by its promoters, Krishna Chivukula and Krishna Chivukula Jr., along with other family members and investment entities like Green Meadows Investments Ltd. Before the INDO-MIM IPO, the promoter and promoter group held the vast majority of the equity. Following the IPO, their shareholding will decrease, but they will remain the controlling shareholders. The shareholding structure is designed to maintain the stability of management while allowing for public participation in the company’s growth.

Board & Key Management

The board & key management of INDO-MIM Ltd., led by Krishna Chivukula (Chairman), and the junior chairman is the managing director in the company. The board includes several independent directors with backgrounds in finance, law, and engineering to ensure strong corporate governance. The management team consists of seasoned professionals overseeing global sales, manufacturing operations, and research and development.