The company has begun meetings with potential investors for an offering as early as next month, the people said, asking not to be identified as the information is private. Indo-MIM has lowered its valuation target to about $2.5 billion from an earlier $3.2 billion, they said.
Deliberations are ongoing and details including the valuation and timing may change, the people said. A spokesperson for the company didn’t respond to requests for comment.
Indian IPOs are off to a weak start of 2026 — having set a record for proceeds last year — as a downturn in the secondary market is prompting companies to delay listing plans and wait for better valuation. Only three IPOs were launched in January, with Shadowfax Technologies Ltd., Amagi Media Labs Ltd. and Bharat Coking Coal Ltd. raising a combined 47.65 billion rupees ($518 million), according to data compiled by Bloomberg.
More than 110 companies have already received regulatory approvals for the IPOs, according to the Sebi data.
Indo-MIM’s proposed offering will include the sale of new shares worth about 10 billion rupees, along with a secondary sale of roughly 129.67 million shares or 26% of the total equity capital by existing investors, including the Indian Institute of Technology Madras, according to the company’s draft prospectus.
The company manufactures precision engineering components using metal injection molding technology, according to its website. It operates 15 manufacturing facilities, including six in India, six in the US, two in the UK and one in Mexico, the prospectus shows. Net proceeds from the offering will be used to repay outstanding borrowings and for general corporate purposes.The company reported revenue from operations of 33.30 billion rupees for the fiscal year ended March 2025 and a net income of 4.28 billion rupees, according to the prospectus.
Axis Bank Ltd., Kotak Mahindra Capital Co., SBI Capital Markets Ltd., ICICI Securities Ltd. and HDFC Bank Ltd. are advising on the share sale.