- ₹3,812-crore IPO opens July 23 with price band of ₹461-₹485; company commands 6.8% global MIM market share
- Fresh ₹500-crore issue to pare debt as global precision engineering major expands capabilities across MIM, investment casting, machining and metal 3D printing
- India, defence indigenisation, aerospace, healthcare and semiconductor ecosystems emerge as key long-term growth avenues
- With 77.2% of FY26 revenue coming from outside India, Indo-MIM sees significant headroom to deepen its domestic presence
- 15 manufacturing facilities across India, US, UK and Mexico provide a diversified platform to navigate geopolitics, supply-chain shocks and tariff uncertainty
NE BUSINESS BUREAU
AHMEDABAD, JULY 21
India’s ambition to emerge as a global hub for advanced manufacturing is giving a powerful lift to the country’s precision engineering ecosystem—and Bengaluru-headquartered Indo-MIM Ltd is seeking to convert this opportunity into its next phase of growth. The world’s largest manufacturer of Metal Injection Molding (MIM) components is preparing to launch a ₹3,812-crore Initial Public Offering (IPO), offering investors a front-row seat to a company that has built a global precision manufacturing franchise spanning automotive, aerospace, defence, healthcare, consumer and industrial applications.
The IPO will open for subscription on Thursday-July 23 and close on Monday-July 27, with the anchor investor portion opening on Wednesday-July 22. The price band has been fixed at ₹461-₹485 per equity share. At the upper end of the price band, the company is expected to command a market capitalisation of nearly ₹24,000 crore.
The issue comprises a fresh issue of ₹500 crore and an Offer for Sale (OFS) of approximately 6.83 crore equity shares by existing shareholders, including Green Meadows Investments, Anuradha Koduri and Indian Institute of Technology Madras.
Of the fresh issue proceeds, ₹400 crore will be utilised towards pre-payment or repayment of outstanding borrowings, with the balance earmarked for general corporate purposes.
Founded in 1996, Indo-MIM has grown from a specialised MIM manufacturer into a diversified advanced manufacturing enterprise offering end-to-end capabilities in mould design, tooling, metal injection moulding, investment casting, precision machining, ceramic injection moulding and metal 3D printing.
According to the company’s RHP and an independent Frost & Sullivan report, Indo-MIM held a 6.8% global market share by revenue in calendar year 2025 and has retained its position as the world’s largest MIM component manufacturer for six consecutive years.
The company operates 15 manufacturing facilities—six in India, six in the United States, two in the United Kingdom and one in Mexico—and manufactured more than 9,000 product variants in FY26.
India opportunity: from export-led success to a broader domestic growth engine
With 77.2% of its FY26 revenue coming from international markets, the company is already deeply integrated into global supply chains. However, management sees the domestic market as a significant opportunity rather than a secondary market.
The company’s leadership said India is entering a phase where advanced manufacturing is moving beyond traditional cost arbitrage towards technology-intensive, high-value engineering. The growth of defence indigenisation, aerospace manufacturing, medical devices, automotive electronics, semiconductor equipment and industrial automation is creating new opportunities for precision component suppliers.
The company therefore expects its India business to grow alongside its global operations. The strategic objective is not to reduce international exposure but to build a stronger domestic revenue base while continuing to serve global customers from India. The management believes the same capabilities that have enabled Indo-MIM to win business from global customers—complex tooling, high-volume precision manufacturing, material expertise and the ability to combine multiple technologies—can increasingly be deployed for Indian customers.
‘Make in India’ meets ‘Make for the World’
According to the management, Indo-MIM is uniquely positioned at the intersection of several powerful manufacturing trends.
The company already has the technological depth to manufacture complex components in materials and geometries that traditionally required multiple processes such as casting, forging and machining. MIM enables the production of complex, near-net-shape components at scale, while its broader technology portfolio allows it to offer customers multiple manufacturing solutions.
The company believes this positions it to benefit from:
- Make in India and Atmanirbhar Bharat
- Defence indigenisation and localisation of critical components
- Aerospace supply-chain diversification
- Semiconductor and electronics manufacturing expansion
- China+1 sourcing strategies
- Global reshoring and regionalisation of manufacturing
The management’s strategy is to remain a technology partner rather than merely a component supplier—working with customers from product design and tooling to manufacturing, finishing and assembly.
Aerospace, defence and healthcare could drive the next leg of growth
While automotive remains a significant market, Indo-MIM expects the next five years to see strong growth from sectors where precision, reliability, miniaturisation and material performance are critical.
Aerospace and defence are particularly attractive because of increasing localisation requirements, rising domestic production and the need to develop secure supply chains for mission-critical components.
Healthcare and medical devices represent another high-value opportunity, as the sector increasingly demands complex, lightweight and precision-engineered components.
The company is also expanding its capabilities in additive manufacturing and medical technology. Its recent expansion in advanced manufacturing and medical technology is designed to complement, rather than replace, its core MIM capabilities.
For Indo-MIM, the opportunity lies in expanding the overall market for advanced manufacturing by converting components traditionally made through casting, forging and extensive machining to more efficient precision manufacturing processes.
Answering a query, Krishna Chivkula Jr described the company’s approach as one of expanding the adoption of MIM rather than merely taking market share from competitors. The company has also highlighted the potential of its US operations to benefit from reshoring and local manufacturing trends.
IIT Madras: from technology association to value creation
The IPO also carries a significant academic-industry dimension.
IIT Madras is among the existing shareholders offering shares in the IPO. The association goes back to Indo-MIM founder Dr Krishna Chivkula, an IIT Madras alumnus, who gifted a 1% stake in the company to his alma mater.
The stake sale will allow the institution to realise value from its long-standing association with the company, while the relationship stands as an example of how academic institutions can participate in the creation of technology-led enterprises.
For Krishna Jr, himself an IIT Madras alumnus and entrepreneur, the IPO is also an opportunity to underline the importance of stronger links between universities and industry.
The message from the Indo-MIM leadership to students and researchers is clear: cutting-edge innovation must not remain confined to laboratories. The real economic and societal impact of research comes when technology is converted into products, customers, manufacturing capability and globally competitive enterprises.
The Indo-MIM journey, in that sense, demonstrates how deep engineering knowledge, entrepreneurial risk-taking and long-term investment in manufacturing can convert an advanced technology into a global business.
IIT Madras’ stake in Indo-MIM and its proposed sale in the IPO have also drawn attention because of the value creation associated with the institution’s long-term association with the company.
Global footprint provides a natural hedge against geopolitical shocks
With manufacturing facilities across India, the US, the UK and Mexico, Indo-MIM has built a geographically diversified operating model.
Krishna Jr said the strategy is not based on shifting all production to one location. Instead, the company seeks to manufacture closer to customers wherever scale, regulatory requirements, supply-chain considerations or market access make local production strategically valuable.
The US facility is a particularly important part of this strategy. Krishna Jr has earlier described the decision to establish production in the US as a major strategic step that helped Indo-MIM access customers more effectively and strengthened its local market presence. The company continues to combine US manufacturing with production from India, depending on customer requirements and economics.
This distributed model helps Indo-MIM:
- reduce dependence on any single manufacturing geography;
- supply customers closer to their production facilities;
- reduce logistics and lead-time risks;
- respond to local-content requirements;
- mitigate geopolitical disruptions; and
- optimise the cost and technology mix across locations.
The company believes that a combination of Indian scale, US market proximity, UK engineering capabilities and Mexican manufacturing support provides a more resilient platform than a single-country production model.
Tariffs: localisation and operational flexibility to protect margins
US tariff revisions and growing trade protectionism have increased uncertainty for global manufacturers. Indo-MIM’s management, however, believes that its diversified manufacturing footprint provides a degree of protection.
The company has already indicated that it is monitoring tariff developments closely and can combine domestic US production with production from India to minimise the impact of tariff changes.
The company’s response to future trade barriers is expected to involve a combination of:
- greater localisation of production in key markets;
- optimisation of the India-US manufacturing mix;
- customer-specific sourcing strategies;
- productivity improvement;
- technology-led cost reduction; and
- maintaining a diversified global manufacturing footprint.
The company also believes that tariffs could accelerate the very trends that support its business—reshoring, supply-chain diversification and the search for reliable alternatives to concentrated manufacturing bases.
Strong FY26 performance backs the IPO narrative
Indo-MIM reported revenue from operations of ₹4,193 crore and profit after tax of ₹533 crore in FY26, with revenue rising 26% year-on-year. The company manufactured over 9,000 different product variants during the year.
For the IPO allocation, 50% of the net offer has been reserved for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 35% for Retail Individual Investors. Investors can apply for a minimum of 30 equity shares and thereafter in multiples of 30.
The shares are proposed to be listed on both the BSE and NSE on July 30.
The issue is being managed by HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets as the Book Running Lead Managers.
