INDO-MIM Limited IPO
ListedMainboard
72.35×
Subscribed
Price band
₹485 – ₹485
Issue size
₹3.81k Cr
Open – close
23 Jul 2026
to 27 Jul 2026
Listing
30 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength83/100
- Conservative balance sheetDebt/equity of 0.39×
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Proceeds mostly repay debt₹400 Cr of the ₹500 Cr raised repays borrowings — deleveraging rather than expansion
- Minimal related-party dealingsRelated-party transactions are only 1.1% of revenue
- Institutions bid heavilyQIB portion subscribed 204.34×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Jul 2026
- Closes27 Jul 2026
- Listing30 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB204.34x
Non-institutionalNII / HNI50.63x
Big NIIabove ₹10L57.68x
Small NII₹2L – ₹10L36.54x
Retail individualRII6.69x
Employee9.44x
50,78,889 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 27 Jul 2026.
Chance of allotment
Retail6.69× subscribed
~1 in 6.7
Retail is 6.69× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 6.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII50.63× subscribed
~1 in 50.6
HNI is 50.63× subscribed. This category is allotted proportionately, so a bid receives roughly 1/50.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹485 – ₹485
Total issue size₹3.81k Cr
Listing atMainboard
Company & valuation
Debt / equity0.39×
Related-party1.05%of revenue
ROE21.26%
ROCE26.60%
RoNW21.26%
PAT Margin12.72%
EBITDA Margin25.54%
NAV58.24
ISININE084101034
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 3,92,09,428 | 49.87% |
| Anchor Investor Shares Offered | 2,35,25,656 | 29.92% |
| QIB (Ex. Anchor) Shares Offered | 1,56,83,772 | 19.95% |
| NII (HNI) Shares Offered | 1,17,62,829 | 14.96% |
| bNII > ₹10L | 78,41,885 | 9.97% |
| sNII < ₹10L | 39,20,944 | 4.99% |
| Retail Shares Offered | 2,74,46,600 | 34.91% |
| Employee Shares Offered | 2,00,000 | 0.25% |
Total issue 7,86,18,857 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,5501 lot · 30 sh
Retail (Max)₹1,89,15013 lots · 390 sh
S-HNI (Min)₹2,03,70014 lots · 420 sh
S-HNI (Max)₹9,89,40068 lots · 2,040 sh
B-HNI (Min)₹10,03,95069 lots · 2,070 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,35,25,656
Anchor portion₹1.14k Cr
Bid date22 Jul 2026
Lock-in ends (50%)26 Aug 2026
Lock-in ends (rest)25 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company₹400 Cr
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA significant portion of revenue (38.41% in Fiscal 2026) is derived from the top 10 customers, and the loss of these customers or a significant reduction in demand from them could adversely affect the business, results of operations, financial condition and cash flows.
mediumThe business is highly dependent on exports, with 77.20% of total revenue from operations in Fiscal 2026 coming from customers outside India, making it vulnerable to adverse changes in global market conditions.
mediumRevenue from North America represented 43.68% of total revenue from operations in Fiscal 2026, making the business susceptible to economic slowdowns and inventory optimisation in this key market.
mediumThe imposition of tariffs by the US government, including increased import duties on Indian automotive components in August 2025, may raise the cost of sales and erode price competitiveness in the USA, adversely affecting the business.
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.39x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+4.0%
Listed up
5 of 8
Best
+23.6%
HD Fire Protect Limited
Worst
-11.5%
AceVector Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
AceVector Limitedsame segment
4.9× sub-11.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the INDO-MIM Limited IPO subscribed?
INDO-MIM Limited is subscribed 72.35× overall (QIB 204.34×, NII 50.63×, retail 6.69×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the INDO-MIM Limited IPO?
The retail portion is subscribed 6.69×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 7. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.