Precision Components Maker Indo MIM Files IPO Papers With SEBI; Looks To Raise Rs 1,000 Crore

Precision components maker Indo MIM has filed preliminary papers with markets regulator SEBI to raise funds through an initial public offering (IPO) comprising a fresh issue of equity shares worth Rs 1,000 crore.

Apart from fresh issues, there would be an offer for sale (OFS) of 12.97 crore equity shares by shareholders, according to the draft red herring prospectus (DRHP) filed on Friday.

As part of the OFS, Green Meadows Investments Ltd, Anuradha Koduri, John Anthony Dexheimer and the Indian Institute of Technology Madras will offload shares.

The Bengaluru-based company may consider a pre-IPO placement of equity shares, aggregating up to Rs 200 crore. If such placement is completed, the amount raised will be deducted from the fresh issue accordingly.

Indo MIM proposes to utilise proceeds of Rs 720 crore for debt payment, and the remaining towards general corporate purposes.

Incorporated in 1996, Indo MIM manufactures precision engineering components, primarily using metal injection moulding (MIM) technology.

Alongside MIM, it also employs investment casting, precision machining, ceramic injection moulding, and metal 3D printing to serve customers across automotive, defence, medical, consumer, and aerospace industries.

The company operates 15 manufacturing facilities worldwide, including six in India, six in the United States, two in the United Kingdom, and one in Mexico. It is among the largest producers of MIM products globally in terms of installed capacity.

Its product portfolio is organised into five groups -- automotive (vehicle safety, fuel systems, powertrain, and interior parts), defence (firearm components such as triggers and sights), medical (surgical device parts for endoscopy, laparoscopy, dental robotics, and orthopedics), consumer (fashion accessories, cellphone parts, tools, and hardware), and aerospace (components like manifolds, housings, adaptors, nozzles, and brackets for OEMs).

In FY25, Indo MIM reported revenue from operations of Rs 3,329 crore and profit after tax of Rs 423 crore.

According to its DRHP, the company does not have listed peers in India, and has one comparable listed peer globally -- Jiangsu Gian Technology Co Ltd, listed on the Shenzhen Stock Exchange in China.

HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets are the book-running lead managers to the issue.