Indo MIM Limited, the world's largest manufacturer of Metal Injection Molding (MIM) components, has reported a significant surge in demand for its Initial Public Offering (IPO), with the total subscription multiple rising to 3.02 times. The ₹400 crore fresh issue, which opened on July 23, 2026, and closed on July 27, 2026, initially saw modest oversubscription of 1.1 times but has since attracted robust participation across all investor categories. This heightened demand strengthens the company’s position to secure capital for its primary objective: repaying outstanding borrowings to strengthen its balance sheet.

The updated figures reveal a broad-based increase in interest, particularly from Non-Institutional Buyers (NIBs) and employees, who were previously the leading contributors. Qualified Institutional Buyers (QIBs) also showed improved engagement, moving from muted interest to a solid subscription level. Allotment of shares is expected to be finalized on July 28, 2026, with listing scheduled for July 30, 2026.

Updated Subscription Breakdown

The revised distribution of interest highlights a shift towards stronger institutional and high-net-worth individual participation compared to earlier reports.

Financial Performance and Growth

Indo MIM has demonstrated robust financial momentum leading up to its public offering. Revenue from operations grew from ₹2,870.40 crore in FY2024 to ₹4,192.98 crore in FY2026, representing a cumulative increase of approximately 46.1% over two years. This growth trajectory accelerated with a 25.93% year-on-year rise in FY2026, up from 16.00% in the previous year.

Profitability expanded significantly, with Profit After Tax (PAT) nearly doubling from ₹283.73 crore in FY2024 to ₹533.54 crore in FY2026. The PAT margin improved to 12.72% relative to revenue from operations in FY2026. Additionally, net cash flow turned positive, reaching ₹214.94 crore in FY2026, driven by operating cash flows that nearly doubled to ₹1,077.24 crore.

Operational Scale and Market Position

The company maintains its position as the global leader in the MIM sector for six consecutive years, holding a 6.8% global market share as of Calendar Year 2025. Indo MIM operates 15 manufacturing facilities across India, the United States, the United Kingdom, and Mexico. Export revenue accounted for 77.20% of total revenue in FY2026, reflecting its international footprint. Customer stickiness remains strong, with repeat customers contributing 91.60% of revenue from operations in FY2026.

Risk Factors and Governance

Despite strong performance, Indo MIM faces risks including high export dependency and reliance on imported raw materials, which constituted 60.95% of total procurement in FY2026. The company operates largely on a purchase order basis without long-term agreements. Additionally, show cause notices were issued to Promoters and Key Managerial Personnel regarding alleged non-compliance with mandatory cost auditor appointment requirements.