Indo-MIM Ltd.'s Rs 3,811.21-crore initial public offering (IPO) continued to receive a strong response on the second day of bidding on Friday, with the issue subscribed 1.40 times as of 10:25 am.

The IPO had received bids for 7.69 crore shares against the 5.50 crore shares available, taking the overall subscription to 1.40 times, consolidated bid data on the National Stock Exchange showed.

Non-institutional investors (NIIs) were the strongest participants, with their portion subscribed 3.85 times. The category received bids for 4.52 crore shares against 1.17 crore shares reserved for it. The employee portion was subscribed 1.76 times, while the retail category was also fully subscribed at 1.04 times. The qualified institutional buyers (QIB) segment bid for 20% of 1.56 crore shares reserved for them.

Also read: Can Indo-MIM IPO deliver long-term growth for high risk investors?

The company's shares are estimated to list at around Rs 650, implying a potential listing gain of about 34% over the upper issue price of Rs 485, based on the prevailing grey market premium (GMP).

However, investors must note that the grey market is unofficial, and GMP should be treated only as an indicator of investor sentiment, not a guarantee of listing gains.

The book-built IPO 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 valued at Rs 3,311.21 crore by existing shareholders, taking the total issue size to Rs 3,811.21 crore.

The public issue opened on July 23 and will remain available for subscription until July 27, 2026. The price band has been set at Rs 461-485 per share. Investors can place bids for a minimum of 30 shares, which translates into a minimum investment of Rs 14,550 at the upper end of the price band.

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

HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets are acting as the book-running lead managers for the issue. MUFG Intime India Pvt. Ltd. has been appointed as the registrar.

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SBI Securities highlighted Indo-MIM's strong position in the global Metal Injection Molding (MIM) industry, noting that the company had a 6.8% global market share in CY25.

The brokerage said the company recorded a two-year CAGR of 20.9% in revenue, 20.0% in EBITDA and 30.3% in adjusted PAT between FY24 and FY26. At the upper price band of Rs 485 per share, the IPO is valued at 38.4 times its FY26 earnings.

According to SBI Securities, Indo-MIM's diversified manufacturing capabilities and flexible production infrastructure give it the ability to cater to demand from the automotive, defence, medical, consumer goods and aerospace sectors. The brokerage said these capabilities support the company's long-term growth prospects.

Indo-MIM plans to deploy Rs 400 crore from the net proceeds of the fresh issue towards the full or partial repayment or prepayment of certain outstanding borrowings. The balance of the proceeds will be used for general corporate purposes.

Indo-MIM reported strong financial growth in FY26, supported by higher revenue and earnings. Total income increased 28.1% year-on-year to Rs 4,320.70 crore from Rs 3,373.97 crore in FY25. Profit after tax (PAT) rose 25.9% to Rs 533.54 crore in FY26 from Rs 423.73 crore a year earlier.

Established in 1996, Indo-MIM Ltd. is a major global manufacturer of precision engineering components using Metal Injection Molding (MIM) technology. Its end-to-end manufacturing capabilities include mold design, tooling, machining, finishing and assembly.

The company has also expanded into other advanced manufacturing technologies, including investment casting, precision machining, ceramic injection molding and 3D metal printing. These capabilities allow Indo-MIM to serve a broad range of industries.

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

Indo-MIM has 15 manufacturing facilities spread across India, the United States, the United Kingdom and Mexico. According to the F&S Report, the company has the world's largest installed Metal Injection Molding (MIM) capacity.

Its international presence also includes sales offices in China, Germany and the US, along with sales representatives across Europe and Asia. During FY26, the company served more than 1,100 customers globally.

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