Indo MIM IPO Day 2: Only 13% of the Rs 3,812 Crore Reaches the Company
India’s biggest public issue of the week is open until Monday, 27 July 2026, and the grey market has been running hot. The structure of the Indo MIM IPO deserves a closer look than the premium does.
Quick answer: The Indo MIM IPO is worth about Rs 3,812 crore, but only Rs 500 crore of that is a fresh issue that reaches the company. The remaining Rs 3,312 crore, roughly 87 per cent, is an offer for sale in which existing shareholders sell their stakes.
Where the Rs 3,812 Crore Actually Goes
This is the number most coverage skips past. An offer for sale, or OFS, transfers money to the shareholders who are selling, not to the business.
Indo MIM’s OFS covers up to 6,82,91,022 equity shares. At the Rs 485 upper band, that works out to roughly Rs 3,312 crore leaving for existing holders.
| Component | Amount | Who receives it |
|---|---|---|
| Fresh issue | Up to Rs 500 crore | The company |
| Offer for sale | About Rs 3,312 crore | Selling shareholders |
| Total issue | About Rs 3,812 crore | Split roughly 13:87 |
Of the fresh issue, the company has said Rs 400 crore goes towards repaying or prepaying borrowings, with the balance for general corporate purposes. That is a balance-sheet repair, not an expansion plan.
None of this makes the issue good or bad. It simply tells you what your money is buying, which is a stake bought largely from earlier investors cashing out.
Why Is the Grey Market Hotter Than the Order Book?
Here is the tension worth noticing. The unofficial grey market premium was quoted around Rs 167 on 24 July 2026, about 34 per cent over the Rs 485 upper band, after touching Rs 203 on 20 July.
The actual book has been steadier. The issue was subscribed 1.13 times on day one, 23 July, and was running near 1.74 times through the middle of day two.
That gap is normal rather than alarming. Qualified institutional buyers usually bid on the closing day, so a large issue often looks thin until the final hours.
The useful habit is to weigh the official subscription data above the unofficial premium. The same lesson showed up when the SBI Funds Management IPO grey market pointed to 16 per cent and the stock listed at 6.85 per cent, and again with the Xtranet Technologies premium that halved before listing.
The Company Behind the Acronym
Indo MIM was incorporated in 1996 and runs from Bengaluru. It makes precision engineering components using metal injection moulding, a process that combines plastic injection moulding with powder metallurgy to shape small, complex metal parts.
According to a Frost & Sullivan report cited in the offer documents, it is the world’s largest manufacturer of precision components using MIM technology, with a 6.8 per cent global market share by revenue in calendar 2025, a position held for six years.
The business is built on exports. Revenue from outside India accounted for about 77.2 per cent in FY25, with the domestic share at 22.8 per cent in FY26.
For the twelve months to 31 March 2026, it reported consolidated sales of Rs 4,192.99 crore and net profit of Rs 533.54 crore. At the upper band the company is valued near Rs 24,000 crore, putting the post-issue price-to-earnings ratio at roughly 45 times.
An IIT on the Selling Side
One name in the OFS list stands out. The Indian Institute of Technology Madras is selling 23,07,700 equity shares in this offer.
It is not exiting. After the issue, IIT Madras will still hold 23,07,685 shares, about 0.47 per cent of the expanded equity at the upper band.
The bulk of the selling comes from elsewhere. Green Meadows Investments is offloading 6,05,24,322 shares and Anuradha Koduri 54,59,000 shares, together accounting for the overwhelming majority of the OFS.
What to Watch Next
Watch the qualified institutional buyer column on Monday afternoon. The anchor round already drew Rs 1,140.99 crore from 92 investors at Rs 485 a share on 22 July, with ICICI Prudential, HDFC, SBI and Kotak mutual funds among them.
Allotment is due on 28 July and listing on both the BSE and NSE on 30 July. One retail lot is 30 shares, or Rs 14,550 at the upper band, which is less than many first-time applicants expect when they work out what it takes to start investing.
Real price discovery starts on 30 July, not before. Anyone counting on listing gains should also understand how short-term gains are taxed in India, and the Turtlemint fintech IPO GMP story is a useful reminder of how quickly sentiment turns.
Frequently Asked Questions
What is the Indo MIM IPO GMP today?
The unofficial grey market premium was quoted around Rs 167 per share on 24 July 2026, roughly 34 per cent over the Rs 485 upper band. GMP is not recognised by SEBI or the exchanges and does not indicate a listing price.
What is the price band?
Rs 461 to Rs 485 per share. The anchor allotment on 22 July was done at Rs 485, the upper end of the band.
How much is fresh issue and how much is OFS?
The fresh issue is up to Rs 500 crore, about 13 per cent of the total. The offer for sale is roughly Rs 3,312 crore, or about 87 per cent, and goes to selling shareholders.
When is the allotment and listing?
Allotment is expected on 28 July 2026, with listing on both the BSE and NSE on 30 July 2026. The issue closes on 27 July.
What is the lot size and minimum investment?
One lot is 30 shares, so the minimum retail application is Rs 14,550 at the upper price band of Rs 485.
What does Indo MIM do?
Incorporated in 1996 and based in Bengaluru, it manufactures precision engineering components using metal injection moulding, alongside investment casting, precision machining, ceramic injection moulding and metal 3D printing.
Who is selling in the offer for sale?
Green Meadows Investments is selling 6,05,24,322 shares, Anuradha Koduri 54,59,000 shares, and the Indian Institute of Technology Madras 23,07,700 shares.
How much did anchor investors put in?
Rs 1,140.99 crore on 22 July 2026, through 2,35,25,656 shares allotted to 92 anchor investors at Rs 485 each, including ICICI Prudential, HDFC, SBI and Kotak mutual funds.
What are the latest financials?
For the twelve months ended 31 March 2026, consolidated sales were Rs 4,192.99 crore and net profit was Rs 533.54 crore.
What is the valuation?
At the Rs 485 upper band the company is valued at nearly Rs 24,000 crore, which works out to a post-issue price-to-earnings ratio of roughly 45 times.
Why is IIT Madras selling shares?
IIT Madras is a selling shareholder in the offer for sale, releasing 23,07,700 shares. It is not a full exit, as it will retain about 0.47 per cent of the expanded equity after listing.
Is the grey market premium reliable?
No. It is an unregulated, off-exchange sentiment reading that no exchange publishes. Official subscription data from the NSE and BSE is a far better guide to demand.
Who is the registrar and lead manager?
MUFG Intime India is the registrar and HDFC Bank is the book-running lead manager. Allotment status can be checked on the registrar’s website after 28 July.
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Note: Equity markets and IPO listings are volatile, and prices can fall as easily as they rise. Grey market premium figures are unofficial, are not recognised by SEBI or the exchanges, and do not indicate a listing price. This article is for information and education only, is not investment advice, and carries no buy or sell calls, target prices or predictions.