Indo-MIM Ltd.'s Rs 3,811.21-crore IPO has entered its third and final day of bidding, backed by robust demand and a strong grey market premium (GMP). The GMP is currently hovering around Rs 190, indicating a potential listing gain of nearly 39% over the upper end of the price band.

By the close of Day 2, the IPO had been subscribed 3.07 times, with bids received for more than 16.9 crore shares against the 5.50 crore shares on offer. The Retail Individual Investors (RII) portion was subscribed 1.89 times, attracting bids for over 5.18 crore shares compared with the 2.74 crore shares reserved for the segment.

The Rs 3,811.21-crore public issue comprises a fresh issue of 1.03 crore equity shares worth Rs 499.10 crore and an Offer for Sale (OFS) of 6.83 crore equity shares aggregating Rs 3,311.21 crore by existing shareholders.

The IPO is priced in the range of Rs 461-485 per share. Investors can bid for a minimum of 30 shares, translating into a minimum investment of Rs 14,550 at the upper end of the price band.

Read more: Xtranet Technologies IPO Day 3: GMP holds at 7%; Check subscription status and other key details

The basis of allotment is expected to be finalized on July 28, while the company's shares are likely to debut on the BSE and NSE on July 30, 2026, subject to the successful completion of the issue process.

The IPO is being managed by HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets as the book-running lead managers, while MUFG Intime India Pvt. Ltd. is acting as the registrar to the issue.

Indo-MIM IPO GMP Today
Indo-MIM IPO is generating strong buzz in the grey market ahead of its public issue. The Grey Market Premium (GMP) stands at Rs 190, reflecting a premium of nearly 39% over the upper price band of Rs 485 per share.

Based on the current GMP, the shares are expected to list at around Rs 675 apiece, provided market sentiment remains favorable until the listing date.

Disclaimer: The Grey Market Premium (GMP) is an unofficial indicator driven by market sentiment and speculative trading. It should not be treated as a reliable predictor of the IPO's listing price or the stock's future performance.

Indo-MIM IPO subscription status
On day 2, the IPO witnessed healthy investor participation, with the overall issue subscribed 3.07 times against the 5.50 crore shares on offer.

Retail Individual Investors (RIIs): 1.89x subscription against 2.74 crore shares offered.

Non-Institutional Investors (NIIs): 8.44x subscription against 1.17 crore shares offered, emerging as the strongest category.

Qualified Institutional Buyers (QIBs): 1.11x subscription against 1.56 crore shares offered.

IPO proceeds
The company intends to utilise Rs 400 crore from the net proceeds of the fresh issue towards the repayment or prepayment, in full or in part, of certain outstanding borrowings. The remaining funds will be used for general corporate purposes.

Read More: Lohia Corp IPO Day 3: GMP holds at 2%; Check subscription status and key details

About Indo-MIM
Founded in 1996, Indo-MIM Ltd. is one of the world's leading manufacturers of precision engineering components using Metal Injection Molding (MIM) technology. The company offers end-to-end manufacturing solutions, covering mold design, tooling, machining, finishing and assembly.

In addition to MIM, Indo-MIM has expanded its capabilities through advanced manufacturing technologies such as investment casting, precision machining, ceramic injection molding and 3D metal printing, enabling it to serve a diverse range of industries.

During FY26, the company manufactured more than 6,400 products for sectors including automotive, defence, medical devices, consumer goods and aerospace.

Financial performance
Indo-MIM delivered a robust financial performance in FY26, backed by healthy growth in revenue and earnings. Total income rose 28.1% year-on-year to Rs 4,320.70 crore from Rs 3,373.97 crore in FY25. Profit after tax (PAT) increased 25.9% to Rs 533.54 crore in FY26 from Rs 423.73 crore in the previous year.

Should you subscribe?
Anand Rathi researchbelieves Indo-MIM's valuation is justified given its leadership in the global Metal Injection Moulding (MIM) industry. At the upper price band, the IPO is priced at around 45x FY26 earnings, which the brokerage considers reasonable due to the company's global market leadership, diversified customer base, integrated manufacturing capabilities, and strong export franchise. It has recommended investors subscribe to the IPO with a medium- to long-term investment horizon.

Marwadi Financial Services has assigned a 'Subscribe' rating to the IPO, citing Indo-MIM's dominant position in precision engineering components manufactured using MIM technology. Based on a post-issue FY26 EPS of Rs 10.79, the issue is valued at around 45x P/E, translating into a market capitalization of nearly Rs 23,981 crore. The brokerage noted that peer comparison is difficult as there are no listed Indian companies operating in the same segment. It also highlighted the company's diversified product portfolio, long-standing relationships with domestic and global OEMs, and consistent financial performance.

Sushil Finance has recommended subscribing to the IPO for long-term investment, pointing to the company's steady financial improvement and industry leadership. Revenue from operations increased from Rs 2,870 crore in FY24 to Rs 4,193 crore in FY26, while PAT nearly doubled from Rs 284 crore to Rs 534 crore. EBITDA margins remained healthy at 25–28%, and RoNW improved to 21.3%. The brokerage also highlighted improving debt metrics, with net debt-to-EBITDA declining to 0.65x, while the fresh issue proceeds will further strengthen the balance sheet. It believes Indo-MIM's global leadership in MIM technology, strong export business, and diversified end-market exposure provide sustainable competitive advantages.

Swastika Investmart has also given the IPO a positive outlook, highlighting Indo-MIM's position as the world's largest MIM company by installed capacity. The brokerage believes the company's presence across automotive, aerospace, defence, medical, and consumer sectors creates a strong competitive moat. It also noted the company's 28% revenue growth, 26% PAT growth, RoNW of 21.3%, and ROCE of 26.6% in FY26. Although the IPO is priced at around 45x FY26 earnings, Swastika believes the premium valuation is supported by the company's global leadership and technological expertise, recommending the issue for both listing gains and long-term wealth creation.

SBI Securities has highlighted Indo-MIM's strong standing in the global MIM industry, noting that the company commanded a 6.8% global market share in CY25. The brokerage pointed out that the company delivered a 20.9% CAGR in revenue, 20% CAGR in EBITDA, and 30.3% CAGR in adjusted PAT between FY24 and FY26. At the upper price band of Rs 485, the IPO is valued at 38.4x FY26 earnings, lower than estimates cited by some other brokerages. SBI Securities believes Indo-MIM's diversified manufacturing capabilities and flexible production infrastructure position it well to capitalize on demand across automotive, defence, medical, consumer goods, and aerospace industries, supporting its long-term growth prospects.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)